Journal Entry MCQs

Previous Practice: Accounting Cycle MCQs

Next Practice: General Ledger MCQs

MCQs 1 To 10

Click The Option and See Result

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!

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

Investment of cash by stockholders

Net loss

Dividends to stock holders

Purchase of the land from the proceeds of bank loan

Correct! Wrong!

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

Assets and expenses

Assets and equity

Liabilities and expenses

Equity and revenues

Correct! Wrong!

Transactions are initially recorded in the?

Book of Original Entry

Accounting Equation

T Accounts

Book of Final Entry

Correct! Wrong!

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

Payroll

Credit sales

Payment of suppliers

Purchaser of equipment

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Account Receivable-Ahmed

Sales

Cash

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Decreasing

Chronological

Increasing

Correct! Wrong!

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

Cash

All of the given options

Owner Equity

Drawing

Correct! Wrong!

How much types a transaction has?

Four

Three

Two

One

Correct! Wrong!

Journal Entry (1-10)

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

>> Read Journal Entry.

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?

Cash account

Business account

Vehicle account

Bank account

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

Expenses incurred but not paid

All of the given options

Accrued liabilities

Correct! Wrong!

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

Only Purchases Account

Only Furniture Account

Only Cash Account

Cash & Furniture Account

Correct! Wrong!

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

Account

Voucher

General Journal

General Ledger

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Account Payable _ Ahmed

Account Receivable _ Ahmed

Purchases A/c

Cash A/c

Correct! Wrong!

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

Retained Earnings

Contributed Capital

Expenses

Revenues

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 30 days

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

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?

General Ledger

General Journal

Trial Balance

Receipt and Payment Account

Correct! Wrong!

Commission received is an example of?

Personal A/c

None of the given options

Real A/c

Nominal A/c

Correct! Wrong!

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

Latin, debere and credere

Greek, debere and credere

Latin, debtor and creditor

Greek, debtor and creditor

Correct! Wrong!

Journal Entry (11-20)

Super Genius ***

Excellent ***

Very Good **

Good *

Fair

Fail

>>> Practice Journal Entry Problems and Solutions.

Search

Back To Accounting MCQs

Next To General Ledger MCQs

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.

5 Comments

Gianna on October 19, 2022 at 5:45 pm

This post is in fact a fastidious one it helps new internet people, who are wishing in favor of blogging.
Reply
Harsha on May 14, 2021 at 1:18 pm

Very helpful… I enjoyed the session
Reply
Kalima on October 22, 2020 at 4:34 pm

I like the valuable information you provide in your articles. I will bookmark your weblog and check again here frequently. I am quite sure I will learn plenty of new stuff right here! Good luck for the next!
Reply
Bijoy kalita on October 5, 2020 at 2:10 pm

Very good mcq
I like this
Reply
- Yogesh patel on March 18, 2021 at 6:35 pm
  
  Thanks
  Reply

Journal Entry MCQs

MCQs 1 To 10

Click The Option and See Result

All of the following are true regarding journal entries except?

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

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

Transactions are initially recorded in the?

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

Sales made to Ahmed on credit should be debited to?

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

In which order does the Journal list transactions?

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

How much types a transaction has?

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?

Accrued expenses are also called?

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

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

Purchased goods from Ahmed for cash should be credited to?

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

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

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

Commission received is an example of?

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

Search

Related Questions

Related Problems

Related Exams

References

5 Comments

Submit a Comment Cancel reply