Financial Accounting > EXAM > Multiple Choice Questions FOR ACCOUNTING (All)
Multiple Choice Questions FOR ACCOUNTING
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The accounting process begins with: A. Analysis of business transactions and source documents. B. Preparing financial statements and other reports. C. Summarizing the recorded effect of business tr an... sactions. D. Presentation of financial information to decision-makers. E. Preparation of the trial balance. 61. A sales invoice: A. Is a type of source document. B. Is used by sellers to record the sale. C. Is used by buyers to record purchases. D. Gives rise to an entry in the accounting process. E. All of these. 63. Source documents: A. Include the ledger. B. Are the sources of accounting information. C. Must be in electronic form. D. Are based on accounting entries. E. Include the chart of accounts. 64. Various types of documents and other papers that companies use when they conduct their business: A. Are called source documents. B. Can include sales tickets. C. Are the source of information for recording accounting entries. D. Can be in electronic form. E. All of these. 65. A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is a(n): A. Journal. B. Posting. C. Trial balance. D. Account. E. Chart of accounts. [Show More]
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