Journal Entry 1-10

Sales made to Ahmed on credit should be debited to?

Account Receivable-Ahmed

Sales

Account Receivable

Cash

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 occurs on daily basis in a large business organization?

Credit sales

Payment of suppliers

Purchaser of equipment

Payroll

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Chronological

Increasing

Decreasing

Correct! Wrong!

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

Purchase of the land from the proceeds of bank loan

Net loss

Dividends to stock holders

Investment of cash by stockholders

Correct! Wrong!

Transactions are initially recorded in the?

Book of Final Entry

Accounting Equation

Book of Original Entry

T Accounts

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries show the effects of transactions

Each journal entry should begin with a date

Journal entries provide account balances

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!

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

Equity and revenues

Liabilities and expenses

Assets and equity

Assets and expenses

Correct! Wrong!

How much types a transaction has?

Four

Three

Two

One

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Journal Entry 1-10

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 occurs on daily basis in a large business organization?

In which order does the Journal list transactions?

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

Transactions are initially recorded in the?

All of the following are true regarding journal entries except?

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

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

How much types a transaction has?

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