Accounting Cycle MCQ Quiz!

8 Questions | By JeannieTay | Last updated: Mar 22, 2022 | Total Attempts: 126

Questions

Settings

Create your own Quiz

Questions and Answers

1.

In the Purchase Order, who is authorized to sign off this document?
2.

In the Goods Received Note, _______________ will sign off under "Posted by".
3.

The Payment Voucher is sometimes approved by the accounts clerk.
- A.
  
  True
- B.
  
  False
4.

Only the authorized signatories of the company are allowed to sign cheques.
- A.
  
  True
- B.
  
  False
5.

Similar stock items can be entered into the same stock card.
- A.
  
  True
- B.
  
  False
6.

When writing a cheque for "Singapore dollars two thousand and three hundred only", the amount in figures should be written as ______
- A.
  
  $2,300.00
- B.
  
  S$2,300
- C.
  
  S$2,300.00
- D.
  
  $2,300
7.

The sales invoice must be signed off by:
- A.
  
  Marketing Executive
- B.
  
  Purchasing Manager
- C.
  
  Sales & Marketing Manager
- D.
  
  Finance Manager
8.

The authorized signatory for the Official Receipt is the Accountant.
- A.
  
  True
- B.
  
  False

Related Topics

More Accounting Quizzes

Conceptual Framework Quiz Questions And Answers

Here is an interesting conceptual framework quiz that is designed to test your knowledge of this subject. The conceptual framework can be described as a written or visual representation of an expected relationship between...

Questions: 41 | Attempts: 86676 | Last updated: Sep 21, 2022

Sample Question
The purpose of the Conceptual Framework is:

To assist the International Accounting Standards Board to develop IFRS Standards.

To assist preparers of IFRS financial statements to develop consistent accounting policies when no IFRS Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy.

To assist all parties to understand and interpret IFRS Standards.

All of the above

A Quick Accounting Knowledge Quiz!

Are you ready for a quick account knowledge quiz? For a business to prosper, what they need most is funding which can come through investments, cash or selling their shares. What do you understand about these different types...

Questions: 8 | Attempts: 23416 | Last updated: Mar 22, 2022

Sample Question
What is stockholders' equity?

Sales of products or services

Owners' claims to resources

Resources owned

Costs of selling products or services

Amounts owed

Basic Accounting Quiz Questions And Answers

Here's an awesome 'Basic Accounting Quiz' for all the students studying accounts! Accounting is something that is existent in different companies and is essential to ensure that a business keeps on growing. The...

Questions: 10 | Attempts: 20038 | Last updated: Mar 24, 2022

Sample Question
Under the accrual method of accounting, expenses are recorded:

When they are paid.

When invoices for expense items are received.

When they are incurred.

None of the above