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Accounting & Bookkeeping Certification |Get Free Certificate

About Quiz

Bookkeeping deals with identifying and recording financial transactions only. Accounting refers to the process of summarising, interpreting and communicating the financial data of an organization. Decision making. Data provided by bookkeeping is not sufficient for decision making.

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Exam Details

  • Format: Multiple Choice Question
  • Questions: 10
  • Passing Score: 8/10 or 80%
  • Language: English

Here are the questions and answers :

Using the cash basis of accounting a sale is recorded when?

When the goods are sent to the customer
The sale is made to the customer
When the cash is received from the customer
None of the above

What is the petty cash reconciliation form used for?

To reconcile petty cash and paid vouchers to the authorized petty cash float.
To reconcile the petty cash to the bank statement
To reconcile the petty cash book to the cash book
All of the above

Which of these comes first in the accounting cycle?

Transactions
Trial balance
Journals
Bank Account

Identify the missing line item in the trading and profit and loss account.
Net Profit =4,500
Sales = ?
Gross Profit = 16,500
Expenses = 12,000
Cost of Goods Sold = 13,500

30,000
35,000
45,000
38,500

The income statement shows which of the following?

Assets and liabilities
Income and expenses
Receipts and payments
All of the above

Examples of bookkeeping forms are:

General Ledger, General Journal
General Journal, General Ledger, Bank Reconciliation
Just the General Journal
Accounts Book

This is the art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least, of financial character and interpreting the results thereof.

Bookkeeping
Accounting
Accountancy
Bookkeeper

This accounting fundamental concept allows the users to obtain timely information to serve as a basis on making decisions about future activities.

Periodicity concept
Objectivity concept
Entity concept
Stable monetary unit concept

He makes investment in the hope of making profit.

Manager
Customer
Investor
Owner

After each accounting period, data recorded are summarized through financial statements.

Recording
Classifying
Summarizing
Interpreting

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