1. Which of the following presents key aspects of the process of accounting in the correct chronological order?

A) Communicating, recording, and identifying
B) Recording, identifying, and communicating
C) Recording, totaling, and identifying
D) Identifying, recording, and communicating



2. The documents relating to purchase of asset must be authorized by?

A) Senior management
B) Middle management
C) Lower level management
D) None of the Above



3. Losses normally have?

A) Credit balance
B) Debit balance
C) Not mentioned
D) a and b



4. A manufacturer is considering the point at which a transaction can be recognized within its profit and loss account. At which of the following stages is this permitted?

A) Products accepted by customer
B) Product manufactured
C) Sample products requested by customer
D) Order placed for the goods



5. Revenue is generally recognized being earned at the point of time when?

A) Cash is received
B) Billed to customers
C) Production is completed
D) Goods are delivered