Journal Entry 1-10

How much types a transaction has?

Two

One

Three

Four

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

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

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

Correct! Wrong!

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

Payroll

Purchaser of equipment

Payment of suppliers

Credit sales

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?

Cash

Sales

Account Receivable-Ahmed

Account Receivable

Correct! Wrong!

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

Dividends to stock holders

Net loss

Investment of cash by stockholders

Purchase of the land from the proceeds of bank loan

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Decreasing

Chronological

Increasing

Correct! Wrong!

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

Equity and revenues

Liabilities and expenses

Assets and expenses

Assets and equity

Correct! Wrong!

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

Cash

Owner Equity

Drawing

All of the given options

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

How much types a transaction has?

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

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

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 would have no impact on stockholders' equity?

In which order does the Journal list transactions?

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?

Transactions are initially recorded in the?

Search