Journal Entry MCQs

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MCQs 1 To 10

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How much types a transaction has?

Two

Three

One

Four

Correct! Wrong!

According to the rules of debit and credit for balance sheet accounts?

Increase in asset and owner’s equity are recorded by debit

Decrease in liability and owner’s equity are recorded by debit

Increase in assets, liabilities and owner equity recorded by debit

Decrease in asset and liability are recorded by credit

Correct! Wrong!

The amount brought in by owner of the business should be credited to?

Cash

Owner Equity

Drawing

All of the given options

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Account Receivable

Sales

Cash

Correct! Wrong!

Which of the following transactions would have no impact on stockholders' equity?

Dividends to stock holders

Net loss

Purchase of the land from the proceeds of bank loan

Investment of cash by stockholders

Correct! Wrong!

Of the following account types, which would be increased by a debit?

Liabilities and expenses

Assets and equity

Equity and revenues

Assets and expenses

Correct! Wrong!

All of the following are true regarding journal entries except?

The debited account titles are listed first

Journal entries show the effects of transactions

Journal entries provide account balances

Each journal entry should begin with a date

Correct! Wrong!

In which order does the Journal list transactions?

Chronological

Increasing

Decreasing

Alphabetical

Correct! Wrong!

Which of the following transactions occurs on daily basis in a large business organization?

Payroll

Purchaser of equipment

Credit sales

Payment of suppliers

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

T Accounts

Book of Original Entry

Book of Final Entry

Correct! Wrong!

Journal Entry (1-10)

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Good *

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MCQs 11 To 20

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Which one of the following is called book of original entry?

General Ledger

Trial Balance

General Journal

Receipt and Payment Account

Correct! Wrong!

The abbreviations for debit and credit (Dr. and Cr.) come from what language words?

Latin, debere and credere

Greek, debere and credere

Greek, debtor and creditor

Latin, debtor and creditor

Correct! Wrong!

Commission received is an example of?

None of the given options

Nominal A/c

Personal A/c

Real A/c

Correct! Wrong!

Which one of the following is used to record financial transactions in date wise order?

General Journal

Account

Voucher

General Ledger

Correct! Wrong!

Which of the following account/s will be affected under the rule of accrual accounting, when furniture is purchased on cash?

Cash & Furniture Account

Only Furniture Account

Only Purchases Account

Only Cash Account

Correct! Wrong!

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

Business account

Bank account

Cash account

Vehicle account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Payable _ Ahmed

Cash A/c

Account Receivable _ Ahmed

Purchases A/c

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

Expenses incurred but not paid

Accrued liabilities

All of the given options

Correct! Wrong!

Which of the following accounts would be increased with a debit?

Contributed Capital

Retained Earnings

Revenues

Expenses

Correct! Wrong!

Credit terms of 1/10, n/30 mean that?

If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 30 days

Payment in full is due 10 days after date of the invoice

Payment in full is due 30 days after date of the invoice

If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 20 days

Correct! Wrong!

Journal Entry (11-20)

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Related Exams

Principles of Accounting

Accounting MCQs

Accounting Problems

Accounting Papers

Accounting Workbook

References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

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Journal Entry MCQs

MCQs 1 To 10

Click The Option and See Result

How much types a transaction has?

According to the rules of debit and credit for balance sheet accounts?

The amount brought in by owner of the business should be credited to?

Sales made to Ahmed on credit should be debited to?

Which of the following transactions would have no impact on stockholders' equity?

Of the following account types, which would be increased by a debit?

All of the following are true regarding journal entries except?

In which order does the Journal list transactions?

Which of the following transactions occurs on daily basis in a large business organization?

Transactions are initially recorded in the?

MCQs 11 To 20

Click The Option and See Result

Which one of the following is called book of original entry?

The abbreviations for debit and credit (Dr. and Cr.) come from what language words?

Commission received is an example of?

Which one of the following is used to record financial transactions in date wise order?

Which of the following account/s will be affected under the rule of accrual accounting, when furniture is purchased on cash?

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

Purchased goods from Ahmed for cash should be credited to?

Accrued expenses are also called?

Which of the following accounts would be increased with a debit?

Credit terms of 1/10, n/30 mean that?

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