Journal Entry (1-10)

In which order does the Journal list transactions?

Decreasing

Alphabetical

Chronological

Increasing

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Account Receivable

Sales

Cash

Account Receivable-Ahmed

Correct! Wrong!

Transactions are initially recorded in the?

T Accounts

Accounting Equation

Book of Final Entry

Book of Original Entry

Correct! Wrong!

How much types a transaction has?

Three

One

Two

Four

Correct! Wrong!

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

Purchaser of equipment

Payment of suppliers

Credit sales

Payroll

Correct! Wrong!

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

Owner Equity

Cash

All of the given options

Drawing

Correct! Wrong!

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

Equity and revenues

Liabilities and expenses

Assets and expenses

Assets and equity

Correct! Wrong!

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

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

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

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!

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

Net loss

Investment of cash by stockholders

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Correct! Wrong!

In which order does the Journal list transactions?

Sales made to Ahmed on credit should be debited to?

Transactions are initially recorded in the?

How much types a transaction has?

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

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

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

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

All of the following are true regarding journal entries except?

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

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