Double entry-accounting
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The document discusses key concepts in accounting including double entry bookkeeping. It defines accounting as recording, classifying, and summarizing financial transactions and events in monetary terms, and interpreting the results. Each transaction has two aspects - a debit and a credit. The cash book is described as recording daily cash receipts and payments, including both cash and bank transactions, to avoid manipulation and enable reconciliation.
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![By Vinod Kumar ( Accounts Teacher) The Lawrence School Sanawar Email: [email_address]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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a. The Income Statement
b. Statement of Cash Flows
c. The Trial Balance
d. The Balance Sheet
2. The income statement, which presents the results of operations, can be prepared in many forms including:
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b. Condensed Income Statement
c. Common Sized Income Statement
d. All of the above
3. Which of the following account types increase by debits in double-entry accounting?
a. Assets, Expenses, Losses
b. Assets, Revenue, Gains
c. Expenses, Liabilities, Losses
d. Gains, Expenses, Liabilities
4. Which of the following is true?
a. Accounts receivable are found in the current asset section of a balance sheet.
b. Accounts receivable increase by credits.
c. Accounts receivable are generated when a customer makes payments.
d. Accounts receivable become more valuable over time.
5. A company that uses the cash basis of accounting will:
a. Record revenue when it is collected.
b. Record revenue when it is earned.
c. Record revenue at the same time as accounts receivable.
d. Record bad debt expense on the income statement.
6. What are the main sections on a balance sheet?
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b. Assets, liabilities, equity
c. Assets, liabilities, expenses
d. Assets, gains, revenue
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a. For internal analysis
b. For external negotiation
c. For compliance
d. All of the above
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a. A customer fails to pay an invoice.
b. A supplier delivers raw materials on credit.
c. Office supplies are purchased with cash.
d. None of the above
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a. Accounting software packages
b. Auditing
c. Derivatives
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a. No result because the customer didn’t pay.
b. Accounts receivable increases because of the interest.
c. A note receivable is recorded in non-current assets.
d. Company A records the loan as a liability.
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b. When paid
c. At the end of the fiscal year
d. When bank accounts are reconciled
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b. Balance sheets reflect a company’s financial position at a certain point in time.
c. The time value of money is a finance concept, not relevant in accounting.
d. Accounts receivable are more easily collected as time passes.
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