In which order does the Journal list transactions?

Decreasing

Chronological

Alphabetical

Increasing

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!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Cash

Account Receivable-Ahmed

Sales

Correct! Wrong!

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

Owner Equity

Drawing

All of the given options

Cash

Correct! Wrong!

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

Net loss

Purchase of the land from the proceeds of bank loan

Investment of cash by stockholders

Dividends to stock holders

Correct! Wrong!

How much types a transaction has?

Two

Four

Three

One

Correct! Wrong!

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

Decrease in asset and liability are recorded by credit

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

Increase in assets, liabilities and owner equity recorded by debit

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

Correct! Wrong!

Transactions are initially recorded in the?

Book of Final Entry

Book of Original Entry

T Accounts

Accounting Equation

Correct! Wrong!

All of the following are true regarding journal entries except?

The debited account titles are listed first

Each journal entry should begin with a date

Journal entries provide account balances

Journal entries show the effects of transactions

Correct! Wrong!

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

Assets and expenses

Equity and revenues

Liabilities and expenses

Assets and equity

Correct! Wrong!

Journal Entry 1-10

In which order does the Journal list transactions?

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

Sales made to Ahmed on credit should be debited to?

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

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

How much types a transaction has?

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

Transactions are initially recorded in the?

All of the following are true regarding journal entries except?

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

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