Accounting A Level - Chapter 1 Exam Questions with correct Answers.

Accounting A Level - Chapter 1 Exam
Questions with correct Answers

1. /Source /Documents /- /where /we /can /find /accounting /information /

2. /Books /of /prime /entry /- /where /accounting /information /is /sorted /and /summarized /

3. /Double /entry /bookkeeping /- /recorded /the /dual /aspects /of /transactions /into /ledger
/accounts /



4. /Trial /balance /- /a /summary /of /balances /of /accounts, /used /to /check /arithmetics

5. /Financial /statements /- /income /statements /and /statements /of /financial /position /- /verified
answers-✔✔Describe /the /financial /accounting /system
/




measures /the /profits /or /loss /of /a /business /- /verified /answers-✔✔what /is /the /income
/statement




lists /assets, /liabilities /and /capitals /at /the /end /of /an /accounting /period /- /verified /answers-
✔✔what /is /the /statement /of /financial /position



sales, /purchases, /payables, /receivables /and /the /general /ledger /- /verified /answers-
✔✔examples /of /ledgers



sales, /purchases, /sales /returns, /purchases /returns, /general /journals /and /cash /books /- /verified
answers-✔✔examples /of /books /of /prime /entry
/




Sales /and /purchases /invoice, /bank /statements, /chèque /counterfoils, /Receipts /and /till /rolls /-
verified /answers-✔✔examples /of /source /documents
/