poa quiz

Accounting is the process of

I. gathering and recording information

ii. raising of funds for a business

iii. providing information which influences decisions

• I and II only

• I and III only

• II and III only

• I, II and III

Which of the following groups of persons may be LEAST interested in using accounting information to determine how well businesses are managed?

• Owners

• Investors

• Employees

• Customers

Which of the following states the correct order of the stages in the accounting cycle, before Final Accounts?

• Posting to ledger, journalizing, trial balance

• Journalizing, trial balance, posting to ledger

• Journalizing, posting to ledger, trial balance

• Post to ledger, trial balance, journalizing

Which of the following terms is described in documents showing exchanges of goods and services?

• Journal

• Transaction

• Balance Sheet

• Trial Balance

A balance sheet serves the purpose of

• showing the values of assets, liabilities and capital

• calculating the profits and losses made

• showing the value of the closing stock in hand

• determinining the available cash balance

Which of the following are examples of Current Liabilities?
I. Mortgages
II. Accounts Payable
III. Accrued Wages

• I and II only

• I and III only

• II and III only

• I, II and III

Which of the following accounts is made up of real accounts ONLY?

• Plant, machinery, inventory, receivables

• Equipment, furniture, vehicles, plant

• Vehicle, capital, building, preypayments

• Cash, inventory, building, receivables

Which of the following lists of current assets is arranged in order of liquidity from least to most liquid?

• Accounts receivable, prepayments, inventory, cash, bank

• Prepayments, accounts receivables, cash, bank, inventory

• Cash, bank, prepayments, accounts, receivables, invnetory

• Inventory, accounts receivables, prepayments, bank, cash

The cash book is BEST used for recording

• good sold for cash

• goods returned for cash

• goods purchased for cash

• cash receipts and cash payments

A. Portap bought goods for $500 on credit. In which book of prime entry will this be recorded?

• Purchases journal

• Sales journal

• General journal

• Cash book