Journal Entry 1-10

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

Assets and expenses

Equity and revenues

Assets and equity

Liabilities and expenses

Correct! Wrong!

All of the following are true regarding journal entries except?

The debited account titles are listed first

Journal entries provide account balances

Each journal entry should begin with a date

Journal entries show the effects of transactions

Correct! Wrong!

Transactions are initially recorded in the?

Book of Final Entry

Book of Original Entry

T Accounts

Accounting Equation

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Decreasing

Chronological

Increasing

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Sales

Cash

Account Receivable-Ahmed

Correct! Wrong!

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

Drawing

All of the given options

Cash

Owner Equity

Correct! Wrong!

How much types a transaction has?

Two

Three

Four

One

Correct! Wrong!

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

Increase in assets, liabilities and owner equity recorded by debit

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

Decrease in asset and liability are recorded by credit

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

Correct! Wrong!

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

Credit sales

Purchaser of equipment

Payment of suppliers

Payroll

Correct! Wrong!

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

Purchase of the land from the proceeds of bank loan

Net loss

Investment of cash by stockholders

Dividends to stock holders

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

All of the following are true regarding journal entries except?

Transactions are initially recorded in the?

In which order does the Journal list transactions?

Sales made to Ahmed on credit should be debited to?

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

How much types a transaction has?

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

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

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

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