A. Identifying transactions
B. Preparing “T Accounts”
C. Preparing financial statements
D. Preparing trial balances
Correct Answer: Preparing financial statements ✔
Last Updated: July 27, 2017
Related MCQs
- Liability are arisen from which of the following events?
- An asset must be _______ by the business to be shown as an asset in its “balance sheet”
- The gross decrease in economic benefits for the business are what?
- ________ is the gross inflow of economic benefits?
- Liabilities are which of the following?
- An asset posses which of the following?
- ________ is a separate legal entity that Total capital can be divided in many shares.
- Financial statements differ from management account because
- _________ is the first phase of accounting cycle?
- Which of the following is the internal user of financial statements?
- Which of the following is the external user of financial statements?
- Auditing is what?
- Keeping the log of financial information in books of original entries is called__________?
- For which step of accounting process the accountants of business entity prepare financial statements?
- Financial accounting provides financial information to all of the following external users except:
- Bookkeeping mainly concerns with which part of accounting process?
- Identify the correct sequence of accounting process
- In accounting an Economic event is referred to as:
- Credit memo or credit note No. is entered in which of the following journal?
- BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?
- Which of the following is known as an evidence that a transaction took place?
- Specialized journals are more adequate for which TYPE OF BUSINESSES?
- Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
- SALE of old furniture” will be recorded in which of the following specialised journals?
- Debit note is the basis for recording a transaction in which of the following journals?
- Credit purchase of plant and machinery is recorded in which of the following journals?
- A brief explanation recorded below every entry in general journal is commonly known as__________?
- Cash purchases is recorded in which of the following specialized journals?
- Which of the following is a type of cash receipt journal + cash payment journal?
- Cash received from debtor is recorded in which of the following SPECIALIZED journals?
- Sales and purchase journal don’t record__________?
- Which of the following specialised journals will record “goods returned by the BUSINESS “?
- Another name of journal is__________?
- Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?
- Sales on credit is recorded in which of the following journal?
- Which of the following specialized journals records “goods returned by customers”?
- Which of the following account with normal balance is shown at the credit side of a trial balance?
- Which of the following account with normal balance is shown at the debit side of a trial balance?
- 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.
- Which of the following will affect the agreement of a trial balance?
- Trial balance is commonly prepared?
- Debit balance = Credit balance in a trial balance indicates that:
- Which of the following is true about a trial balance?
- ________ is the common base for preparing a trial balance?
- If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
- Trial balance is prepared to check accuracy of__________?
- Institute of Chartered Accountants of Pakistan was established in__________?
- Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of__________?
- A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of__________?
- The systems of accounting are __________?
- The unsold goods are __________?