Journal Entry 1-10

All of the following are true regarding journal entries except?

Each journal entry should begin with a date

Journal entries provide account balances

The debited account titles are listed first

Journal entries show the effects of transactions

Correct! Wrong!

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

Assets and equity

Liabilities and expenses

Equity and revenues

Assets and expenses

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!

How much types a transaction has?

Four

Three

Two

One

Correct! Wrong!

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

Dividends to stock holders

Purchase of the land from the proceeds of bank loan

Investment of cash by stockholders

Net loss

Correct! Wrong!

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

Payment of suppliers

Credit sales

Payroll

Purchaser of equipment

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?

Decreasing

Increasing

Chronological

Alphabetical

Correct! Wrong!

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

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

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

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

T Accounts

Book of Final Entry

Book of Original Entry

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

All of the following are true regarding journal entries except?

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

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

How much types a transaction has?

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

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

Sales made to Ahmed on credit should be debited to?

In which order does the Journal list transactions?

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

Transactions are initially recorded in the?

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