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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:
Question 1: 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
Question 2: 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
Question 3: Which of these comes first in the accounting cycle?
- Transactions
- Trial balance
- Journals
- Bank Account
Question 4: 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
Question 5: The income statement shows which of the following?
- Assets and liabilities
- Income and expenses
- Receipts and payments
- All of the above
Question 6: Examples of bookkeeping forms are:
- General Ledger, General Journal
- General Journal, General Ledger, Bank Reconciliation
- Just the General Journal
- Accounts Book
Question 7: 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
Question 8: 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
Question 9: He makes investment in the hope of making profit.
- Manager
- Customer
- Investor
- Owner
Question 10: After each accounting period, data recorded are summarized through financial statements.
- Recording
- Classifying
- Summarizing
- Interpreting
