Journal Entry 1-10

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

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Investment of cash by stockholders

Net loss

Correct! Wrong!

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

Liabilities and expenses

Equity and revenues

Assets and expenses

Assets and equity

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

Book of Original Entry

Book of Final Entry

T Accounts

Correct! Wrong!

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

Increase in assets, liabilities and owner equity recorded by debit

Decrease in asset and liability are recorded by credit

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

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

Correct! Wrong!

All of the following are true regarding journal entries except?

Each journal entry should begin with a date

Journal entries provide account balances

Journal entries show the effects of transactions

The debited account titles are listed first

Correct! Wrong!

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

Owner Equity

All of the given options

Drawing

Cash

Correct! Wrong!

How much types a transaction has?

One

Four

Three

Two

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Increasing

Decreasing

Chronological

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Cash

Sales

Account Receivable-Ahmed

Account Receivable

Correct! Wrong!

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

Payment of suppliers

Credit sales

Payroll

Purchaser of equipment

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

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

Transactions are initially recorded in the?

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

All of the following are true regarding journal entries except?

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

How much types a transaction has?

In which order does the Journal list transactions?

Sales made to Ahmed on credit should be debited to?

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

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