Journal Entry MCQs

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MCQs 1 To 10

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In which order does the Journal list transactions?

Increasing

Alphabetical

Decreasing

Chronological

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!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Account Receivable-Ahmed

Sales

Cash

Correct! Wrong!

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

Purchaser of equipment

Payment of suppliers

Payroll

Credit sales

Correct! Wrong!

All of the following are true regarding journal entries except?

The debited account titles are listed first

Journal entries show the effects of transactions

Journal entries provide account balances

Each journal entry should begin with a date

Correct! Wrong!

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

Liabilities and expenses

Equity and revenues

Assets and expenses

Assets and equity

Correct! Wrong!

Transactions are initially recorded in the?

T Accounts

Book of Original Entry

Accounting Equation

Book of Final Entry

Correct! Wrong!

How much types a transaction has?

Three

One

Four

Two

Correct! Wrong!

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

Investment of cash by stockholders

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Net loss

Correct! Wrong!

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

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

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

Increase in assets, liabilities and owner equity recorded by debit

Decrease in asset and liability are recorded by credit

Correct! Wrong!

Journal Entry (1-10)

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MCQs 11 To 20

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

Cash account

Vehicle account

Business account

Bank account

Correct! Wrong!

Commission received is an example of?

Nominal A/c

Personal A/c

None of the given options

Real A/c

Correct! Wrong!

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

Expenses

Revenues

Retained Earnings

Contributed Capital

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

Accrued liabilities

All of the given options

Expenses incurred but not paid

Correct! Wrong!

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

General Ledger

Account

Voucher

General Journal

Correct! Wrong!

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

Greek, debere and credere

Latin, debere and credere

Greek, debtor and creditor

Latin, debtor and creditor

Correct! Wrong!

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

Only Furniture Account

Only Purchases Account

Cash & Furniture Account

Only Cash Account

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Cash A/c

Account Receivable _ Ahmed

Account Payable _ Ahmed

Purchases A/c

Correct! Wrong!

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

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

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

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

Correct! Wrong!

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

Receipt and Payment Account

Trial Balance

General Ledger

General Journal

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

In which order does the Journal list transactions?

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

Sales made to Ahmed on credit should be debited to?

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

All of the following are true regarding journal entries except?

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

Transactions are initially recorded in the?

How much types a transaction has?

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

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

MCQs 11 To 20

Click The Option and See Result

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

Commission received is an example of?

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

Accrued expenses are also called?

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

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

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

Purchased goods from Ahmed for cash should be credited to?

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

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

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