Journal Entry (1-10)

All of the following are true regarding journal entries except?

Journal entries provide account balances

Each journal entry should begin with a date

Journal entries show the effects of transactions

The debited account titles are listed first

Correct! Wrong!

In which order does the Journal list transactions?

Decreasing

Chronological

Increasing

Alphabetical

Correct! Wrong!

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

Assets and expenses

Equity and revenues

Assets and equity

Liabilities and expenses

Correct! Wrong!

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

Payroll

Payment of suppliers

Credit sales

Purchaser of equipment

Correct! Wrong!

Transactions are initially recorded in the?

Accounting Equation

Book of Final Entry

T Accounts

Book of Original Entry

Correct! Wrong!

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

Purchase of the land from the proceeds of bank loan

Dividends to stock holders

Investment of cash by stockholders

Net loss

Correct! Wrong!

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

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

Decrease in asset and liability are recorded by credit

Correct! Wrong!

Sales made to Ahmed on credit should be debited to?

Cash

Sales

Account Receivable-Ahmed

Account Receivable

Correct! Wrong!

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

Owner Equity

All of the given options

Drawing

Cash

Correct! Wrong!

How much types a transaction has?

Four

Two

Three

One

Correct! Wrong!

All of the following are true regarding journal entries except?

In which order does the Journal list transactions?

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

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

Transactions are initially recorded in the?

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

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

Sales made to Ahmed on credit should be debited to?

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

How much types a transaction has?

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