Journal Entry 1-10

All of the following are true regarding journal entries except?

Journal entries provide account balances

The debited account titles are listed first

Each journal entry should begin with a date

Journal entries show the effects of transactions

Correct! Wrong!

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

Increase in assets, liabilities and owner equity recorded by debit

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

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

Decrease in asset and liability are recorded by credit

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

Book of Final Entry

Book of Original Entry

T Accounts

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Account Receivable-Ahmed

Cash

Sales

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Decreasing

Increasing

Chronological

Correct! Wrong!

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

Cash

Drawing

All of the given options

Owner Equity

Correct! Wrong!

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!

How much types a transaction has?

Three

Four

One

Two

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

Investment of cash by stockholders

Dividends to stock holders

Correct! Wrong!

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

Assets and expenses

Equity and revenues

Liabilities and expenses

Assets and equity

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

All of the following are true regarding journal entries except?

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

Transactions are initially recorded in the?

Sales made to Ahmed on credit should be debited to?

In which order does the Journal list transactions?

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?

How much types a transaction has?

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

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

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