The process of recording is done?

Related Mcqs:

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

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

2. 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

3. Debit note is the basis for recording a transaction in which of the following journals?

   A. General journal
   B. Cash journal
   C. Purchase journal
   D. Purchase return journal

4. Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

   A. Purchase journal
   B. Sales return journal
   C. General journal
   D. Cash receipt journal

5. For which step of accounting process the accountants of business entity prepare financial statements?

   A. Identification of economic event
   B. Communication of financial information
   C. Recording financial information
   D. Making decisions about business

6. The first step in accounting process is___________?

   A. Recording the transaction
   B. Identifying the transaction
   C. Posting the transaction
   D. Preparing the source documents

7. Posting is the process of____________?

   A. Posting the letters in drop box
   B. Posting suitable person to a suitable job
   C. Entering in the ledger the information contained in the ledger
   D. All the three

8. Depreciation is a process of____________?

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

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