CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Accounting Skills Assessment Practice Questions 2023 - Part 16
1. The favorable balance of profit and loss account should be?
A) Added in liabilities
B) Subtracted from current assets
C) Subtracted from liabilities
D) Added in capital
2. Items such as a sales slip, a check, a bill, or invoices are examples of?
A) Balance sheet accounts
B) Income statement accounts
C) Cost of goods sold
D) Source documents
3. Which one the following document is prepared for documentary evidence by business?
A) Invoice
B) Voucher
C) Receipt
D) All of above
4. Which of the following is not a voucher?
A) Receipt voucher
B) Payment voucher
C) Journal voucher
D) Ledger voucher
5. The basic sequence in the accounting process can best be described as?
A) Transaction, journal entry, source document, ledger account, trial balance
B) Source document, transaction, ledger account, journal entry, trial balance
C) Transaction, source document, journal entry, ledger account, trial balance
D) Transaction, source document, journal entry, trial balance, ledger account
A) Added in liabilities
B) Subtracted from current assets
C) Subtracted from liabilities
D) Added in capital
2. Items such as a sales slip, a check, a bill, or invoices are examples of?
A) Balance sheet accounts
B) Income statement accounts
C) Cost of goods sold
D) Source documents
3. Which one the following document is prepared for documentary evidence by business?
A) Invoice
B) Voucher
C) Receipt
D) All of above
4. Which of the following is not a voucher?
A) Receipt voucher
B) Payment voucher
C) Journal voucher
D) Ledger voucher
5. The basic sequence in the accounting process can best be described as?
A) Transaction, journal entry, source document, ledger account, trial balance
B) Source document, transaction, ledger account, journal entry, trial balance
C) Transaction, source document, journal entry, ledger account, trial balance
D) Transaction, source document, journal entry, trial balance, ledger account
1. Right Answer: D
Explanation:
2. Right Answer: D
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: D
Explanation:
5. Right Answer: C
Explanation:
Explanation:
2. Right Answer: D
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: D
Explanation:
5. Right Answer: C
Explanation:
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