Journal Entry (1-10)

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

Decrease in asset and liability are recorded by credit

Increase in assets, liabilities and owner equity recorded by debit

Correct! Wrong!

All of the following are true regarding journal entries except?

Journal entries show the effects of transactions

Journal entries provide account balances

The debited account titles are listed first

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

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Net loss

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!

In which order does the Journal list transactions?

Alphabetical

Decreasing

Increasing

Chronological

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Cash

Account Receivable-Ahmed

Sales

Account Receivable

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?

Payment of suppliers

Purchaser of equipment

Payroll

Credit sales

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!

Transactions are initially recorded in the?

Book of Final Entry

Accounting Equation

T Accounts

Book of Original Entry

Correct! Wrong!

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?

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

In which order does the Journal list transactions?

Sales made to Ahmed on credit should be debited to?

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?

Transactions are initially recorded in the?

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