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Questions on Accounts

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The first problem for all of us, men and women, is not to learn, but to unlearn - Gloria Steinem

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Smile always for our own good and the good of others


According to the principles of the dual entry system, an increase in asset is credited.

  • A. True

  • B. False

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The followings are true on the double entry system of accounting except _____.

  • A. Errors can't be made

  • B. It can be time consuming

  • C. It can be used as an accounting reference

  • D. It can be used to control a company's expenditure

  • E. There is completion of account transaction

  • F. It isn't difficult to implement

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With regards to bookkeeping and accounting, which of the following statement is incorrect?

  • A. Accounting covers the entire practice of finance management

  • B. Bookkeeping is a branch of accounting

  • C. Bookkeeping is a necessary requirement when making financial statement of account

  • D. Bookkeepers record financial transaction in a chronological order

  • E. Accountant earn higher salaries than bookkeepers

  • F. Accounting reports assist business managers in making a more detailed decision

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The debited and credited accounts are written in which column of a journal?

  • A. Date

  • B. Particulars

  • C. Folio

  • D. Ledger

  • E. Amount

  • F. None of the above

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A journal may also be referred to any of the following except _____.

  • A. Book of original entry

  • B. Book of primary entry

  • C. Book of first entry

  • D. Initial book

  • E. Day book

  • F. Chronological book

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Which of the following statement is true concerning bank wire?

  • A. Another name for bank wire is cash transfer

  • B. The term 'wire' in bank wire signifies a computer based programmed message sent to a bank customer in regards to their account information, transaction and other important financial notifications

  • C. The International Bank Account Number (IBAN) must always be involved when carrying out a bank wire process

  • D. The term bank wire has no significant relationship with wire transfer

  • E. Cyber criminals cannot utilize bank wire threats like CSRS, phishing and whaling to achieve their fradulent act

  • F. All the above statements are true

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The following are recommendations to follow during the process of balance sheet reconciliation EXCEPT _____.

  • A. All balance sheet accounts should be reconciled periodically, quarterly or annually

  • B. Comparing the trial balance of both the payables and receivables with the respective aging schedule

  • C. Analysis of enteries and relocating them to a sub-ledger if need be

  • D. Comparing the general ledger trial balance of the account to another source; for instance, a bank statement

  • E. Analysis of the differences in both accounts and making appropriate correction to ensure the correctness of entered information

  • F. None of the above

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Total Questions (7) Paged

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Accounts topics

Characteristics of Double Entry System Examples on the Principle of Double Entry System Advantages and Limitations of the Double System in Accounting Scheme of work, Financial Accounting, SS1, Third Term Scheme of work, Financial Accounting, SS1, Second Term


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