Journal Entry MCQs

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MCQs 1 To 10

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All of the following are true regarding journal entries except?

Each journal entry should begin with a date

The debited account titles are listed first

Journal entries provide account balances

Journal entries show the effects of transactions

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Sales

Account Receivable

Account Receivable-Ahmed

Cash

Correct! Wrong!

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

Dividends to stock holders

Purchase of the land from the proceeds of bank loan

Investment of cash by stockholders

Net loss

Correct! Wrong!

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

Purchaser of equipment

Payroll

Payment of suppliers

Credit sales

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Alphabetical

Chronological

Increasing

Correct! Wrong!

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

Assets and expenses

Liabilities and expenses

Assets and equity

Equity and revenues

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

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

Correct! Wrong!

Transactions are initially recorded in the?

T Accounts

Book of Original Entry

Book of Final Entry

Accounting Equation

Correct! Wrong!

How much types a transaction has?

Four

Three

Two

One

Correct! Wrong!

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

Drawing

Cash

Owner Equity

All of the given options

Correct! Wrong!

Journal Entry (1-10)

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MCQs 11 To 20

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

Voucher

General Ledger

General Journal

Account

Correct! Wrong!

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

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

Payment in full is due 10 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 30 days

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Purchases A/c

Account Payable _ Ahmed

Account Receivable _ Ahmed

Cash A/c

Correct! Wrong!

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

General Journal

General Ledger

Trial Balance

Receipt and Payment Account

Correct! Wrong!

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

Greek, debere and credere

Latin, debere and credere

Greek, debtor and creditor

Latin, debtor and creditor

Correct! Wrong!

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

Contributed Capital

Expenses

Revenues

Retained Earnings

Correct! Wrong!

Accrued expenses are also called?

Expenses incurred but not paid

All of the given options

Unpaid liability

Accrued liabilities

Correct! Wrong!

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

Only Cash Account

Only Furniture Account

Only Purchases Account

Cash & Furniture 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?

Cash account

Vehicle account

Bank account

Business account

Correct! Wrong!

Commission received is an example of?

Nominal A/c

None of the given options

Personal A/c

Real A/c

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

All of the following are true regarding journal entries except?

Sales made to Ahmed on credit should be debited to?

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

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

In which order does the Journal list transactions?

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

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

Transactions are initially recorded in the?

How much types a transaction has?

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

MCQs 11 To 20

Click The Option and See Result

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

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

Purchased goods from Ahmed for cash should be credited to?

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?

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

Accrued expenses are also called?

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?

Commission received is an example of?

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