Transactions are initially recorded in the?

Book of Final Entry

Accounting Equation

Book of Original Entry

T Accounts

Correct! Wrong!

How much types a transaction has?

Four

Two

Three

One

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries show the effects of transactions

Journal entries provide account balances

Each journal entry should begin with a date

The debited account titles are listed first

Correct! Wrong!

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

Drawing

Owner Equity

All of the given options

Cash

Correct! Wrong!

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

Dividends to stock holders

Net loss

Purchase of the land from the proceeds of bank loan

Investment of cash by stockholders

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Sales

Cash

Account Receivable

Correct! Wrong!

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

Equity and revenues

Assets and expenses

Liabilities and expenses

Assets and equity

Correct! Wrong!

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

Payment of suppliers

Purchaser of equipment

Credit sales

Payroll

Correct! Wrong!

In which order does the Journal list transactions?

Increasing

Chronological

Decreasing

Alphabetical

Correct! Wrong!

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

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

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

Correct! Wrong!

Journal Entry 1-10

Transactions are initially recorded in the?

How much types a transaction has?

All of the following are true regarding journal entries except?

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?

Sales made to Ahmed on credit should be debited to?

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

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

In which order does the Journal list transactions?

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

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