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Journal Entries MCQs - PRC-04 Accounting

This document contains 10 multiple choice questions about journal entries and basic accounting concepts. It reviews topics like transactions recorded in books of original entry, debit and credit rules, adjusting entries for returns and drawings. The questions assess understanding of accounting equation, double-entry system, purpose of journals and relationship between accounts. Answers are provided immediately after each question for self-assessment. Contact information is given at the end for PRC study material, lectures and WhatsApp study groups.

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1K views4 pages

Journal Entries MCQs - PRC-04 Accounting

This document contains 10 multiple choice questions about journal entries and basic accounting concepts. It reviews topics like transactions recorded in books of original entry, debit and credit rules, adjusting entries for returns and drawings. The questions assess understanding of accounting equation, double-entry system, purpose of journals and relationship between accounts. Answers are provided immediately after each question for self-assessment. Contact information is given at the end for PRC study material, lectures and WhatsApp study groups.

Uploaded by

Gideon Turner
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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[PRC-04 INTRODUCTION TO ACCOUNTING] Updated 2022-23

Journal Entries MCQs


Answers are available after each MCQ
Q1. Among these transactions, which transaction will have no impact on
stockholders’ equity?

(a) Net loss

(b) Investment of cash by stockholders

(c) Dividends to stockholders

(d) Purchase of the land from the proceeds of bank loan

Answer: d

Q2. Amount invested by the proprietor in the business should be credit to:

(a) A/c payable

(b) Capital

(c) Cash

(d) Drawing

Answer: b

Q3. Transactions are first recorded in which book/account?

(a) Book of Original Entry

(b) T Accounts

(c) Accounting Equation

(d) Book of Final Entry

Answer: a

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[PRC-04 INTRODUCTION TO ACCOUNTING] Updated 2022-23

Q4. Goods returned by customer will be debited to which account?

(a) Purchases A/C

(b) Return outward

(c) Customer’s A/C

(d) Return inward

Answer: d

Q5. Journal is also called a?

(a) A day book

(b) History book

(c) Ledger book

(d) An entry book

Answer: a

Q6. ________ A/c is credited and ____ A/c is debited in case wages are paid for
construction of business premises

(a) Cash, Wages

(b) Cash, Premises

(c) Premises, Cash

(d) Wages, Cash

Answer: b

Q7. Journal lists transactions in which order?

(a) Decreasing

(b) Chronological

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[PRC-04 INTRODUCTION TO ACCOUNTING] Updated 2022-23

(c) Alphabetical

(d) Increasing

Answer: b

Q8. Among these statements which one is incorrect regarding journal entry?

(a) The debited account titles are listed first

(b) Journal entries show the effects of transactions

(c) Each journal entry should begin with a date

(d) Journal entries provide account balances

Answer: d

Q.9 Cash withdrawal from business by the proprietor should be credited to

(a) Cash account

(b) Purchase account

(c) Capital account

(d) Drawings account

Answer: a

Q10. Which one of the following is called the book of original entry?

(a) Receipt and Payment Account

(b) Trial Balance

(c) General Journal

(d) General Ledger

Answer: c

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