NEW
Font size
WorksheetsQUIZ TOPIC 3: ACCOUNTING CYCLE
Total questions: 20
Worksheet time: 10mins
Documents prepared immediately after a transaction takes place is called
first document
source document
open document
transaction
A staff who wishes to obtain authorization for payment will present
Invoice
cheque
Payment voucher
receipt
Which of these documents records the quantity and cost of items bought or sold?
Teller
Invoice
Cheque
Letter of enquiry
Which of these is NOT a use of source documents?
They act as proof to show that the transaction recorded in the books of accounts occurred.
They help in the preparation of the financial statements.
They provide better internal control and reporting.
The help in determining loyal customers
One of the uses of source documents is that it
helps in identifying troublesome customers
identifying the source of all problems in a business
helps in analyzing business activities.
attracting more buyers
Which of these is NOT a source document?
receipt
statement of account
deposit slip
visitor's register
A document sent from a seller to a buyer when the buyer has been undercharged is called
debit note
deduction note
access note
credit note
A document is sent by a supplier to a buyer when the buyer has been overcharged is called
credit note
advance note
debit note
access note
A customer paid cash for goods
Invoice received
Invoice issued
Receipt received
Receipt issued
Issued by the buyer to the seller that contains information about the goods to be purchased.
Delivery Notes
Payment Voucher
Credit Notes
Purchase Order
Issued by the bank to the account holder at the end of the month.
Receipt
Cheque Stubs
Bank Slip
Bank Statement
Issued by the seller to the buyer and delivered together with the goods.
Invoice
Payment Voucher
Cheque Stubs
Delivery Notes
A form issued by the bank for any transaction of deposits or withdrawals of money from customers.
Bank Statement
Bank Slip
Cheque Stubs
Payment Voucher
Used as references and are an important source document for cash related items.
Cheque Stubs
Bank Slip
Payment Voucher
Bank Statement
Issued by the seller when receive payments from the buyer.
Purchase Order
Payment Voucher
Debit Notes
Receipt
The first step in the recording process is to
prepare financial statements.
analyze each transaction for its effect on the accounts.
post to a journal.
prepare a trial balance.
After transaction information has been recorded in the journal, it is transferred to the
trial balance.
income statement.
book of original entry.
ledger.
The usual sequence of steps in the transaction recording process is
journal --> analyze --> ledger.
analyze --> journal --> ledger.
journal --> ledger --> analyze.
ledger --> journal --> analyze.
This document is issued by the seller when goods have been returned by the purchaser due to thier being damaged, faulty or supplied to the wrong sprecification, or when an overcharge has been made in an invoice.
Debit Note
Credit Note
Invoice
Receipt
If the seller agrees, goods bought previously may be returned. When this happens a ______________ is raised by the buyer and sent to the seller giving details of the goods returned and the reason for thier return.
Invoice
Receipt
Debit Note
Credit Note
