REVENUE
ACCOUNTANT
ACCOUNTING
Question
After a business transaction has occurred, journal entries
are recorded in the:
a) General ledger
b) general journal
c) expense accounts
d) balance sheet
Explaination
B) general journal
Question
This trial balance is created after adjusting journal entries
have been recorded.
a) Adjusted trial balance
b) unadjusted trial balance
c) post closing trial balance
d) pre closing trial balance
Explaination
a) Adjusted trial balance
Question
One of the detailed rules used to record business
transaction is
a) Objectivity
b) Accruals
c) Double entry book keeping
d) Going Concern
Explaination
C) Double entry book keeping
Question
What is used in preparing trial balance?
A) Specialised Journals
B) Balance Sheet
C) Ledger Accounts
D) General Journal
Explaination
C) Ledger Accounts
Question
Which of the following account with normal balance is
shown at the debit side of a trial balance?
A) Creditors account
B) Unearned income account
C) Rent income account
D) Cash account
Explaination
D) Cash account
Question
An account is having debit balance is established when.
(a) The last entry of the accounting period was posted on
the debit side
(b) The amount of debit exceeds the amount of the credits
(c) There are more entries on the debit side than on the
credit side
(d) None of above
Explaination
(b) The amount of debit exceeds the amount of the credits
Question
When Current assets are subtracted from Current liabilities
it will be equal to?
(a) Capital
(b) Net income
(c) Working capital
(d) Goodwill
Explaination
(c) Working capital
Question
Among these statements which one is incorrect regarding
journal entry?
(a) The debited account titles are listed first
(b) Journal entries show the effects of transactions
(c) Each journal entry should begin with a date
(d) Journal entries provide account balances
Explaination
(d) Journal entries provide account balances
Question
Of the following account types, which would be increased by a debit?
(a) Liabilities and expenses
(b) Assets and equity
(c) Assets and expenses
(d) Equity and revenues
Explaination
(c) Assets and expenses
Question
Which statement is true related to Hybrid or Mixed system of
accounting,
a) Revenue and assets are recorded on cash basis
b) Revenue and assets are recorded on Accrual basis
c) Expenses and Liabilities are recorded on cash basis
d) None of the above
Explaination
a) Revenue and assets are recorded on cash basis
Question
Sales invoices are first entered in
A) The Cash Book
B) The Purchases Journal
C) The Sales Journal
D) The Sales Account
Explaination
C) The Sales Journal
Question
At the balance sheet date, the balance on the Accumulated Provision
for Depreciation Account is
A) Simply deducted from the asset in the Balance Sheet
B) Transferred to Profit and Loss Account
C) Transferred to the Asset Account
D) Transferred to Depreciation Account
Explaination
A) Simply deducted from the asset in the Balance Sheet
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