Journal Entry MCQs

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MCQs 1 To 10

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Sales made to Ahmed on credit should be debited to?

Sales

Cash

Account Receivable

Account Receivable-Ahmed

Correct! Wrong!

In which order does the Journal list transactions?

Alphabetical

Chronological

Increasing

Decreasing

Correct! Wrong!

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

Cash

Owner Equity

All of the given options

Drawing

Correct! Wrong!

How much types a transaction has?

Four

One

Two

Three

Correct! Wrong!

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

Payroll

Purchaser of equipment

Credit sales

Payment of suppliers

Correct! Wrong!

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

Investment of cash by stockholders

Net loss

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Correct! Wrong!

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

Assets and expenses

Assets and equity

Equity and revenues

Liabilities and expenses

Correct! Wrong!

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

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

Decrease in liability 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!

Transactions are initially recorded in the?

Accounting Equation

Book of Original Entry

Book of Final Entry

T Accounts

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries provide account balances

Each journal entry should begin with a date

The debited account titles are listed first

Journal entries show the effects of transactions

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?

Only Purchases Account

Only Furniture Account

Only Cash Account

Cash & Furniture Account

Correct! Wrong!

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

General Ledger

Receipt and Payment Account

General Journal

Trial Balance

Correct! Wrong!

Accrued expenses are also called?

Unpaid liability

All of the given options

Expenses incurred but not paid

Accrued liabilities

Correct! Wrong!

Purchased goods from Ahmed for cash should be credited to?

Cash A/c

Purchases A/c

Account Payable _ Ahmed

Account Receivable _ Ahmed

Correct! Wrong!

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

Account

General Ledger

General Journal

Voucher

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 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

Correct! Wrong!

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

Revenues

Expenses

Retained Earnings

Contributed Capital

Correct! Wrong!

Commission received is an example of?

Personal A/c

Real A/c

Nominal A/c

None of the given options

Correct! Wrong!

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

Latin, debtor and creditor

Greek, debere and credere

Latin, debere and credere

Greek, debtor and creditor

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?

Bank account

Vehicle account

Business account

Cash 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

Sales made to Ahmed on credit should be debited to?

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?

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

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

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

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

Transactions are initially recorded in the?

All of the following are true regarding journal entries except?

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?

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

Accrued expenses are also called?

Purchased goods from Ahmed for cash should be credited to?

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

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

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

Commission received is an example of?

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

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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