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02 Accounting Information System
This quiz focuses on various aspects of the accounting information system. It covers topics such as the accounting cycle, the sequence of steps in the accounting information system, accounting period, source documents, and different scenarios related to transactions and documents in accounting
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A) identifying economic transactions that are relevant to the business.
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Add RecommendationAdd TagsView All Assigned TagsB) communicating financial information to users by preparing financial reports.
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Add RecommendationAdd TagsView All Assigned TagsC) recording non quantifiable economic events.
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Add RecommendationAdd TagsView All Assigned TagsD) analysing and interpreting financial reports.
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A) Adjust → Identify and record → Report → Close
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Add RecommendationAdd TagsView All Assigned TagsB) Report → Adjust → Identify and record → Close
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Add RecommendationAdd TagsView All Assigned TagsC) Identify and record → Adjust → Report → Close
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Add RecommendationAdd TagsView All Assigned TagsD) Identify and record → Close → Adjust → Report
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A) journal → ledger → source document → trial balance → financial statements
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Add RecommendationAdd TagsView All Assigned TagsB) source documents → journal → ledger → trial balance → financial statements
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Add RecommendationAdd TagsView All Assigned TagsC) trial balance → journal → ledger → source documents → financial statements
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Add RecommendationAdd TagsView All Assigned TagsD) source documents → ledger → journal → trial balance → financial statements
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What is the term for an activity carried out by a business to provide goods and services in exchange for income?
A) Financial statements
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Add RecommendationAdd TagsView All Assigned TagsB) Source documents
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Add RecommendationAdd TagsView All Assigned TagsC) Business transaction
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Add RecommendationAdd TagsView All Assigned TagsD) Bank statement
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A) 30 June 2024
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Add RecommendationAdd TagsView All Assigned TagsB) 1 July 2025
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Add RecommendationAdd TagsView All Assigned TagsC) 1 July 2024
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Add RecommendationAdd TagsView All Assigned TagsD) 30 June 2025
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A) 30 April 2023
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Add RecommendationAdd TagsView All Assigned TagsB) 1 March 2024
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Add RecommendationAdd TagsView All Assigned TagsC) 28 February 2024
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Add RecommendationAdd TagsView All Assigned TagsD) 31 March 2024
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A) They provide reliable and verifiable evidence that transactions have taken place.
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Add RecommendationAdd TagsView All Assigned TagsB) The details in the source documents are used for making entries in the books.
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Add RecommendationAdd TagsView All Assigned TagsC) They are required for audit purposes.
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Add RecommendationAdd TagsView All Assigned TagsD) All of the above.
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The document the business sends to its credit customer for sales made is the _____________
A) remittance advice
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Add RecommendationAdd TagsView All Assigned TagsB) credit note
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Add RecommendationAdd TagsView All Assigned TagsC) debit note
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Add RecommendationAdd TagsView All Assigned TagsD) invoice
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Lee bought goods on credit from Song. Lee found that the goods were unsuitable and returned them to Song. What is the source document that is sent from Song to Lee?
A) Discount allowed
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Add RecommendationAdd TagsView All Assigned TagsB) Credit Note
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Add RecommendationAdd TagsView All Assigned TagsC) Debit Note
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Add RecommendationAdd TagsView All Assigned TagsD) Invoice
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A customer is being undercharged for the goods he bought. Which source document is issued to correct the mistake?
A) Bank statement
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Add RecommendationAdd TagsView All Assigned TagsB) Debit note
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Add RecommendationAdd TagsView All Assigned TagsC) Invoice
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Add RecommendationAdd TagsView All Assigned TagsD) Credit note
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