Journal Entry MCQs

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MCQs 1 To 10

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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!

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!

In which order does the Journal list transactions?

Chronological

Decreasing

Alphabetical

Increasing

Correct! Wrong!

How much types a transaction has?

Two

One

Four

Three

Correct! Wrong!

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

Purchaser of equipment

Credit sales

Payment of suppliers

Payroll

Correct! Wrong!

Transactions are initially recorded in the?

Book of Original Entry

Book of Final Entry

Accounting Equation

T Accounts

Correct! Wrong!

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

Liabilities and expenses

Assets and expenses

Equity and revenues

Assets and equity

Correct! Wrong!

All of the following are true regarding journal entries except?

Each journal entry should begin with a date

Journal entries show the effects of transactions

The debited account titles are listed first

Journal entries provide account balances

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Sales

Cash

Account Receivable-Ahmed

Correct! Wrong!

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

Cash

All of the given options

Drawing

Owner Equity

Correct! Wrong!

Journal Entry (1-10)

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MCQs 11 To 20

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Which of the following account/s will be affected under the rule of accrual accounting, when furniture is purchased on cash?

Cash & Furniture Account

Only Purchases Account

Only Cash Account

Only Furniture Account

Correct! Wrong!

Credit terms of 1/10, n/30 mean that?

If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 20 days

If the invoice is paid within 10 days of its date, a 1% discount may be taken; otherwise the total amount is due in 30 days

Payment in full is due 30 days after date of the invoice

Payment in full is due 10 days after date of the invoice

Correct! Wrong!

Which one of the following is used to record financial transactions in date wise order?

General Journal

Account

General Ledger

Voucher

Correct! Wrong!

Which of the following accounts would be increased with a debit?

Contributed Capital

Retained Earnings

Revenues

Expenses

Correct! Wrong!

The abbreviations for debit and credit (Dr. and Cr.) come from what language words?

Latin, debtor and creditor

Greek, debere and credere

Greek, debtor and creditor

Latin, debere and credere

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Receivable _ Ahmed

Purchases A/c

Cash A/c

Account Payable _ Ahmed

Correct! Wrong!

Commission received is an example of?

Personal A/c

Real A/c

Nominal A/c

None of the given options

Correct! Wrong!

Which one of the following is called book of original entry?

Receipt and Payment Account

General Journal

Trial Balance

General Ledger

Correct! Wrong!

Accrued expenses are also called?

Accrued liabilities

All of the given options

Unpaid liability

Expenses incurred but not paid

Correct! Wrong!

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

Business account

Cash account

Bank account

Vehicle account

Correct! Wrong!

Journal Entry (11-20)

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Related Exams

Principles of Accounting

Accounting MCQs

Accounting Problems

Accounting Papers

Accounting Workbook

References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

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Journal Entry MCQs

MCQs 1 To 10

Click The Option and See Result

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

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

In which order does the Journal list transactions?

How much types a transaction has?

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

Transactions are initially recorded in the?

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

All of the following are true regarding journal entries except?

Sales made to Ahmed on credit should be debited to?

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

MCQs 11 To 20

Click The Option and See Result

Which of the following account/s will be affected under the rule of accrual accounting, when furniture is purchased on cash?

Credit terms of 1/10, n/30 mean that?

Which one of the following is used to record financial transactions in date wise order?

Which of the following accounts would be increased with a debit?

The abbreviations for debit and credit (Dr. and Cr.) come from what language words?

Purchased goods from Ahmed for cash should be credited to?

Commission received is an example of?

Which one of the following is called book of original entry?

Accrued expenses are also called?

Which of the following account will be credited in the books of XYZ Co. Ltd, if the business purchased a vehicle though cheque?

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