Journal Entry 1-10

How much types a transaction has?

Four

Two

Three

One

Correct! Wrong!

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!

Sales made to Ahmed on credit should be debited to?

Sales

Cash

Account Receivable

Account Receivable-Ahmed

Correct! Wrong!

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

Credit sales

Purchaser of equipment

Payroll

Payment of suppliers

Correct! Wrong!

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

Dividends to stock holders

Investment of cash by stockholders

Net loss

Purchase of the land from the proceeds of bank loan

Correct! Wrong!

Transactions are initially recorded in the?

Book of Final Entry

Accounting Equation

T Accounts

Book of Original Entry

Correct! Wrong!

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

All of the given options

Owner Equity

Cash

Drawing

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Chronological

Increasing

Alphabetical

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 liability and owner’s equity are recorded by debit

Decrease in asset and liability are recorded by credit

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 equity

Liabilities and expenses

Equity and revenues

Assets and expenses

Correct! Wrong!

Journal Entry 1-10

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

How much types a transaction has?

All of the following are true regarding journal entries except?

Sales made to Ahmed on credit should be debited to?

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

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

Transactions are initially recorded in the?

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

In which order does the Journal list transactions?

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

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

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