Journal Entry (1-10)

How much types a transaction has?

Four

One

Three

Two

Correct! Wrong!

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

Cash

Owner Equity

Drawing

All of the given options

Correct! Wrong!

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

Purchaser of equipment

Payroll

Payment of suppliers

Credit sales

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Sales

Account Receivable-Ahmed

Cash

Account Receivable

Correct! Wrong!

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!

All of the following are true regarding journal entries except?

Each journal entry should begin with a date

The debited account titles are listed first

Journal entries show the effects of transactions

Journal entries provide account balances

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Chronological

Increasing

Alphabetical

Correct! Wrong!

Transactions are initially recorded in the?

Book of Original Entry

Accounting Equation

T Accounts

Book of Final Entry

Correct! Wrong!

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

Assets and equity

Assets and expenses

Liabilities and expenses

Equity and revenues

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

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

Correct! Wrong!

How much types a transaction has?

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

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

Sales made to Ahmed on credit should be debited to?

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

All of the following are true regarding journal entries except?

In which order does the Journal list transactions?

Transactions are initially recorded in the?

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

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

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