Journal Entry 1-10

Transactions are initially recorded in the?

T Accounts

Accounting Equation

Book of Original Entry

Book of Final Entry

Correct! Wrong!

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

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Investment of cash by stockholders

Net loss

Correct! Wrong!

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

Cash

Owner Equity

All of the given options

Drawing

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Chronological

Decreasing

Increasing

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Sales

Account Receivable

Account Receivable-Ahmed

Cash

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries provide account balances

The debited account titles are listed first

Journal entries show the effects of transactions

Each journal entry should begin with a date

Correct! Wrong!

How much types a transaction has?

Four

One

Three

Two

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

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

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

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!

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

Purchaser of equipment

Credit sales

Payment of suppliers

Payroll

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

Journal Entry 1-10

Transactions are initially recorded in the?

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?

In which order does the Journal list transactions?

Sales made to Ahmed on credit should be debited to?

All of the following are true regarding journal entries except?

How much types a transaction has?

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

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

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

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