Journal Entry 1-10

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!

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

The debited account titles are listed first

Journal entries provide account balances

Correct! Wrong!

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 assets, liabilities and owner equity recorded by debit

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

Decrease in asset and liability are recorded by credit

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!

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

Owner Equity

All of the given options

Cash

Drawing

Correct! Wrong!

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

Payroll

Purchaser of equipment

Credit sales

Payment of suppliers

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Alphabetical

Chronological

Increasing

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Cash

Sales

Account Receivable-Ahmed

Correct! Wrong!

How much types a transaction has?

Two

Three

Four

One

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

T Accounts

Book of Original Entry

Book of Final Entry

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

All of the following are true regarding journal entries except?

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

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

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

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

In which order does the Journal list transactions?

Sales made to Ahmed on credit should be debited to?

How much types a transaction has?

Transactions are initially recorded in the?

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