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

THANK YOU