Journal Entry 1-10

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

Payment of suppliers

Payroll

Purchaser of equipment

Credit sales

Correct! Wrong!

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

Net loss

Investment of cash by stockholders

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?

Journal entries provide account balances

Each journal entry should begin with a date

The debited account titles are listed first

Journal entries show the effects of transactions

Correct! Wrong!

How much types a transaction has?

Four

Three

Two

One

Correct! Wrong!

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

Drawing

Cash

Owner Equity

All of the given options

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Sales

Account Receivable-Ahmed

Account Receivable

Cash

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Increasing

Decreasing

Chronological

Correct! Wrong!

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

Assets and expenses

Assets and equity

Equity and revenues

Liabilities and expenses

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!

Transactions are initially recorded in the?

Book of Final Entry

Accounting Equation

T Accounts

Book of Original Entry

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

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

All of the following are true regarding journal entries except?

How much types a transaction has?

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

Sales made to Ahmed on credit should be debited to?

In which order does the Journal list transactions?

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

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

Transactions are initially recorded in the?

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