Journal Entry (I) Problems MCQs 1

Which of the following follows the double-entry principle?

Trial Balance

Balance Sheet

Ledger

Journal

Correct! Wrong!

Which transaction requires two debit entries and one credit entry?

Compound journal entry

Adjusting entry

Closing entry

Simple journal entry

Correct! Wrong!

The process of transferring journal entries to ledger accounts is called?

Balancing

Trial balancing

Reconciling

Posting

Correct! Wrong!

Which journal entry is correct for owner investing cash into the business?

Cash A/C Dr. To Drawing A/C

Capital A/C Dr. To Cash A/C

Cash A/C Dr. To Capital A/C

Drawing A/C Dr. To Cash A/C

Correct! Wrong!

The credit side of a journal entry records?

Decrease in Liability

Decrease in Assets

Increase in Expense

Increase in Asset

Correct! Wrong!

Which of the following is a correct journal entry for receiving cash from a debtor?

Cash A/C Dr. To Debtor’s A/C

Sales A/C Dr. To Cash A/C

Cash A/C Dr. To Sales A/C

Debtor’s A/C Dr. To Cash A/C

Correct! Wrong!

Which account is credited when a business pays salaries?

Capital A/C

Rent Expense A/C

Cash A/C

Salaries Expense A/C

Correct! Wrong!

If rent is paid in cash, which account is debited?

Capital A/C

Revenue A/C

Cash A/C

Rent Expense A/C

Correct! Wrong!

Which book is used first to record financial transactions?

Ledger

Journal

Trial Balance

Balance Sheet

Correct! Wrong!

In a journal entry, which account is credited when goods are sold for cash?

Drawings A/C

Cash A/C

Sales A/C

Purchases A/C

Correct! Wrong!

Journal Entry (I) Problems MCQs 1

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Journal Entry (I) Problems MCQs 1

Which of the following follows the double-entry principle?

Which transaction requires two debit entries and one credit entry?

The process of transferring journal entries to ledger accounts is called?

Which journal entry is correct for owner investing cash into the business?

The credit side of a journal entry records?

Which of the following is a correct journal entry for receiving cash from a debtor?

Which account is credited when a business pays salaries?

If rent is paid in cash, which account is debited?

Which book is used first to record financial transactions?

In a journal entry, which account is credited when goods are sold for cash?

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