Journal Entry 1-10

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

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

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

Increase in assets, liabilities and owner equity recorded by debit

Decrease in asset and liability are recorded by credit

Correct! Wrong!

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

Drawing

All of the given options

Owner Equity

Cash

Correct! Wrong!

Transactions are initially recorded in the?

Book of Original Entry

Accounting Equation

T Accounts

Book of Final Entry

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Increasing

Chronological

Alphabetical

Correct! Wrong!

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

Investment of cash by stockholders

Net loss

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

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

The debited account titles are listed first

Journal entries show the effects of transactions

Correct! Wrong!

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

Assets and expenses

Equity and revenues

Assets and equity

Liabilities and expenses

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Cash

Sales

Account Receivable

Account Receivable-Ahmed

Correct! Wrong!

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

Credit sales

Payment of suppliers

Payroll

Purchaser of equipment

Correct! Wrong!

How much types a transaction has?

Two

Three

Four

One

Correct! Wrong!

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?

Transactions are initially recorded in the?

In which order does the Journal list transactions?

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

All of the following are true regarding journal entries except?

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

Sales made to Ahmed on credit should be debited to?

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

How much types a transaction has?

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