Journal Entry 1-10

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

Payroll

Credit sales

Purchaser of equipment

Payment of suppliers

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Chronological

Increasing

Decreasing

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

T Accounts

Book of Original Entry

Book of Final Entry

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Cash

Sales

Account Receivable

Account Receivable-Ahmed

Correct! Wrong!

How much types a transaction has?

One

Three

Two

Four

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?

Decrease in liability 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

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

Correct! Wrong!

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

Owner Equity

Drawing

Cash

All of the given options

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

Dividends to stock holders

Investment of cash by stockholders

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 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?

In which order does the Journal list transactions?

Transactions are initially recorded in the?

Sales made to Ahmed on credit should be debited to?

How much types a transaction has?

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

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?

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

All of the following are true regarding journal entries except?

Search