Journal Entry MCQs

MCQs 1 To 10

 

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

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

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

4. How much types a transaction has?

5. Transactions are initially recorded in the?

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

7. Sales made to Ahmed on credit should be debited to?

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

9. In which order does the Journal list transactions?

10. All of the following are true regarding journal entries except?

 

 

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MCQs 11 To 20

 

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

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

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

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

15. Accrued expenses are also called?

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

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

18. Purchased goods from Ahmed for cash should be credited to?

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

20. Commission received is an example of?