The process of transferring journal entries to ledger accounts is called?

Posting

Reconciling

Trial balancing

Balancing

Correct! Wrong!

Which transaction requires two debit entries and one credit entry?

Adjusting entry

Simple journal entry

Compound journal entry

Closing entry

Correct! Wrong!

The credit side of a journal entry records?

Decrease in Liability

Increase in Asset

Increase in Expense

Decrease in Assets

Correct! Wrong!

If rent is paid in cash, which account is debited?

Capital A/C

Rent Expense A/C

Revenue A/C

Cash A/C

Correct! Wrong!

Which of the following is a correct journal entry for receiving cash from a debtor?

Cash A/C Dr. To Debtor’s A/C

Cash A/C Dr. To Sales A/C

Sales A/C Dr. To Cash A/C

Debtor’s A/C Dr. To Cash A/C

Correct! Wrong!

Which book is used first to record financial transactions?

Balance Sheet

Trial Balance

Journal

Ledger

Correct! Wrong!

Which of the following follows the double-entry principle?

Ledger

Balance Sheet

Journal

Trial Balance

Correct! Wrong!

Which account is credited when a business pays salaries?

Salaries Expense A/C

Rent Expense A/C

Capital A/C

Cash A/C

Correct! Wrong!

Which journal entry is correct for owner investing cash into the business?

Drawing A/C Dr. To Cash A/C

Cash A/C Dr. To Capital A/C

Capital A/C Dr. To Cash A/C

Cash A/C Dr. To Drawing A/C

Correct! Wrong!

In a journal entry, which account is credited when goods are sold for cash?

Cash A/C

Purchases A/C

Drawings A/C

Sales A/C

Correct! Wrong!

Journal Entry (I) Problems MCQs 1

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Journal Entry (I) Problems MCQs 1

The process of transferring journal entries to ledger accounts is called?

Which transaction requires two debit entries and one credit entry?

The credit side of a journal entry records?

If rent is paid in cash, which account is debited?

Which of the following is a correct journal entry for receiving cash from a debtor?

Which book is used first to record financial transactions?

Which of the following follows the double-entry principle?

Which account is credited when a business pays salaries?

Which journal entry is correct for owner investing cash into the business?

In a journal entry, which account is credited when goods are sold for cash?

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