Journal Entry 1-10

In which order does the Journal list transactions?

Decreasing

Chronological

Alphabetical

Increasing

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries provide account balances

Journal entries show the effects of transactions

Each journal entry should begin with a date

The debited account titles are listed first

Correct! Wrong!

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

Investment of cash by stockholders

Net loss

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

Accounting Equation

Book of Final Entry

Correct! Wrong!

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

Liabilities and expenses

Assets and equity

Equity and revenues

Assets and expenses

Correct! Wrong!

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

Cash

Owner Equity

Drawing

All of the given options

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!

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

Payroll

Payment of suppliers

Purchaser of equipment

Credit sales

Correct! Wrong!

How much types a transaction has?

Two

Three

One

Four

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Account Receivable

Sales

Cash

Correct! Wrong!

In which order does the Journal list transactions?

All of the following are true regarding journal entries except?

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

Transactions are initially recorded in the?

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

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

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

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

How much types a transaction has?

Sales made to Ahmed on credit should be debited to?

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