Posting is the process of____________?

Related Mcqs:

1. If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

   A. Arithmetic accuracy
   B. Errors of commission
   C. Omissions of economic events
   D. Understatements of balances

2. Depreciation is a process of____________?

   A. Valuation
   B. Valuation and allocation
   C. Allocation
   D. Appropriation

3. A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

   A. Error of omission
   B. Error of commission
   C. Compensating error
   D. Error of principle

4. Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

   A. Error of principle
   B. Error of commission
   C. Error of omission
   D. Error of duplication

5. Identify the correct sequence of accounting process

   A. Communicating→Recording→Identifying
   B. Recording→Communicating→Identifying
   C. Identifying→communicating→recording
   D. Identifying→recording→communicating

6. Bookkeeping mainly concerns with which part of accounting process?

   A. Analyzing
   B. Preparing financial statements
   C. Recording financial information
   D. Auditing the books of accounts

7. The process of recording is done?

   A. Two times a year
   B. once a year
   C. Frequently during the accounting period
   D. At the end of a accounting period

8. The process of recording transactions in different journals is called_________?

   A. Posting
   B. Entry making
   C. Adjusting
   D. Journalizing

9. The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?

   A. Depreciation
   B. Physical deterioration of the asset
   C. Decrease in market value of the asset
   D. Valuation of an asset at a point of time

10. The process of paying off debt over time in regular installment of interest & principal sufficient to repay the loan in fully by its maturity date.

    A. Amortization
    B. Loan Payment
    C. Liability
    D. Securitization

    Submitted by: Mubassir Khan