Journal Entry 1-10

How much types a transaction has?

Three

Two

Four

One

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Sales

Cash

Account Receivable

Correct! Wrong!

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 show the effects of transactions

Journal entries provide account balances

Correct! Wrong!

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

Payment of suppliers

Payroll

Credit sales

Purchaser of equipment

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

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

Correct! Wrong!

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

Cash

Drawing

Owner Equity

All of the given options

Correct! Wrong!

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

Equity and revenues

Assets and expenses

Assets and equity

Liabilities and expenses

Correct! Wrong!

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

Net loss

Investment of cash by stockholders

Dividends to stock holders

Purchase of the land from the proceeds of bank loan

Correct! Wrong!

Transactions are initially recorded in the?

T Accounts

Book of Original Entry

Book of Final Entry

Accounting Equation

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Decreasing

Increasing

Chronological

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

How much types a transaction has?

Sales made to Ahmed on credit should be debited to?

All of the following are true regarding journal entries except?

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

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

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

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

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

Transactions are initially recorded in the?

In which order does the Journal list transactions?

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