Journal Entry (1-10)

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

Credit sales

Purchaser of equipment

Payment of suppliers

Payroll

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 Final Entry

Book of Original Entry

Correct! Wrong!

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

Owner Equity

All of the given options

Cash

Drawing

Correct! Wrong!

All of the following are true regarding journal entries except?

Each journal entry should begin with a date

Journal entries show the effects of transactions

Journal entries provide account balances

The debited account titles are listed first

Correct! Wrong!

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

Assets and expenses

Assets and equity

Liabilities and expenses

Equity and revenues

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Sales

Cash

Account Receivable

Account Receivable-Ahmed

Correct! Wrong!

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

Decrease in asset and liability are recorded by credit

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

Increase in assets, liabilities and owner equity recorded by debit

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

Correct! Wrong!

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

Net loss

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Investment of cash by stockholders

Correct! Wrong!

How much types a transaction has?

Three

Four

Two

One

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?

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

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?

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

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

How much types a transaction has?

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