Accounting Procedures MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on November 18, 2021

1. Double entry implies:

2. Which of the following accounts can be classified as a real account?

3. Keeping a log of financial information in the books of original entries is called:

4. Bookkeeping is mainly concerned with which part of the accounting process?

5. Are assets debited or credited when they increase?

6. When we talk about accounting, what kind of job do we mean?

7. Usually, what asset account in a company's ledger is the most liquid?

8. NAM caters for Modified Cash Accounting, Commitment Accounting, and what else?

9. What are the major objectives of bookkeeping?

10. What is bookkeeping?

11. The books of original entry are sometimes referred to as:

12. What is double-entry bookkeeping?

13. The process of recording data relating to accounting transactions in accounting books is called?

14. The process of recording is performed:

15. The act of transferring information from the general journal to the general ledger is called:

16. What account is a firm's payment to a supplier for merchandise inventory recorded in?

17. Where are amounts owed by customers for credit purchases found?

18. Where would a debit posted to accounts payable in the general ledger come from?

19. What is the name given to a group of accounts that have a common characteristic, such as all customer accounts?

20. Which of the following is not an acceptable statement of the basic accounting equation?

21. The general journal is a book of what type of entries?

22. The process of recording transactions in different journals is called:

23. Every business transaction affects at least how many accounts?

24. Discount allowed is a kind of deduction from:

25. The other name for the journal is:


 

Related posts:

  1. Accounting for Bills of Exchange
  2. Single Entry System in Accounting
  3. Sales Journal
  4. General Journal
  5. Ledger Accounts
True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, his interview on CBS, or check out his speaker profile on the CFA Institute website.

Related posts:

  1. Accounting for Bills of Exchange
  2. Single Entry System in Accounting
  3. Sales Journal
  4. General Journal
  5. Ledger Accounts

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