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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
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Accounting Principles and Concepts
25
Accounting Procedures
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Accounting Procedures
Double entry implies:
Recording entries in the journal
Recording entries in the ledger account
Recording two aspects of every transaction
Recording every transaction in the books
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Accounting Principles and Concepts
When should cash sales be recorded by companies to achieve control objectives?
When a purchase order is received from a customer
At the point cash sales are made
After some period
Weekly
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Accounting Procedures
When we talk about accounting, what kind of job do we mean?
Bookkeeping and auditing
Bookkeeping only
Bookkeeping and consulting
Bookkeeping, auditing, consulting, and more
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Accounting Procedures
The books of original entry are sometimes referred to as:
Books of primary entry
Books of safe entry
Both of the above
None of the above
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Accounting Principles and Concepts
Which of the following is not included in the category of cash?
Bank deposits
Checks
Postdated checks
Money orders
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rikazzz
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Accounting Procedures
What are the major objectives of bookkeeping?
Keeping the basic record of business transactions
Providing this record to the business management
Both of the above
None of the above
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Accounting Procedures
What account is a firm’s payment to a supplier for merchandise inventory recorded in?
Sales journal
Cash receipts journal
Purchases journal
Cash disbursement journal
Author:
rikazzz
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Accounting Principles and Concepts
One of the following is not an example of the materiality concept:
Purchase of pencil recorded as an expense instead of including in stock
Purchase of car for private use
Purchase of plant for business
Purchase of building to extend the business
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rikazzz
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Accounting Procedures
Are assets debited or credited when they increase?
Debited
Credited
Both debited and credited
Assets are never recorded in the books of accounts
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rikazzz
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Accounting Procedures
What is bookkeeping?
The process of keeping a basic record of business transactions
The process of providing a record of business transactions to management
The process of recording data relating to accounting transactions in the accounting books
None of the above
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rikazzz
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