Take a quick Multiple Choice Questions (MCQs) test about General Journal. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the "start quiz" button and start General Journal MCQs quiz. If you find difficulty in answering these questions, read 'General Journal' chapter thoroughly from explanation section of the website. 1. Recording Posting Journalizing Classifying See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Journalizing" (option 3). 2. Book of original entry Business book Record book Financial book See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Book of original entry" (option 1). 3. Double entry Compound entry Combined entry Complex entry See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "compound entry" (option 2). 4. Details Entry Narration Additional data See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "narration" (option 3). 5. Cash discount Rebate Discount Trade discount See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "trade discount" (option 4). 6. Ledger Cash book Pass book Journal See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Journal" (option 4). 7. Cash > Debit; Purchases > Credit John > Debit; Merchandise > Credit A/C P.A - John > Debit; Purchases Return and Allowances > Credit None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "John debit; purchases return and allowances credit" (option 3). 8. Referring column Posting reference Entry number Ledger number See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Posting reference" (option 2). 9. Sales account Purchases account Loss by theft account No entry See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Loss by theft account" (option 3). 10. Loss account Fire account Loss of goods by fire account None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "loss of goods by fire account" (option 3). 11. Drawings > Debit; Cash > Credit; Purchases > Credit Drawings > Debit; Cash > Credit; Merchandise > Credit Drawings > Debit; Cash > Credit; Sales > Credit Cash > Debit; Purchases > Debit; Drawings > Credit See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "drawings > debit; cash > credit; purchases > credit" (option 1). 12. It is different from cash discount It is a reduction in list (or retail) price It is not recorded in the books All of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "all of the above" (option 4). 13. Trade discount Relationship discount Payment discount Cash discount See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "cash discount" (option 4). 14. A revenue of the business An expense of the business A liability of the business An asset of the business See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "an expense of the business" (option 2). 15. A liability An expense An asset An income See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "an income" (option 4). 16. Cash Profit Income Capital See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "capital" (option 4). 17. Capital Revenue Sales return and allowances Purchase returns and allowances See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is " sales return and allowances" (option 3). 18. Purchases > Debit; Cash > Credit Purchases > Debit; Accounts Payable > Credit Purchases > Debit; Liability > Credit Accounts Payable > Debit; Purchases > Credit See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "purchases > debit; accounts payable > credit" (option 2). 19. Find the accounts involved in transaction Ascertain the increase or decrease in accounts Apply the rules of debit and credit All of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "all of the above" (option 4). 20. Accounts Receivable > Debit; Profit > Credit Cash > Debit; Sales > Credit Accounts Receivable > Debit; Asset > Credit Accounts Receivable > Debit; Sales > Credit See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "accounts receivable > debit; sales > credit" (option 4). View Results You can also check: General Journal short questions General Journal fill in the blanks General Journal MCQs FAQs What factors should be considered when making decisions in accounting? When making decisions in accounting, it is essential to consider all relevant factors. Some of the factors that may be considered include the company’s financial position, Cash Flow, profitability, and business strategy. What are some common accounting decisions? In accounting, decision-making is the process of choosing between two or more courses of action to achieve the desired outcome. Factors that should be considered when making decisions include the company’s financial position, Cash Flow, profitability, and business strategy. Accountants use the information to make decisions by analyzing data and trends to make informed decisions to help the company achieve its goals. How do accountants make decisions? Accountants use the information to make decisions by analyzing data and trends. This information can come from Financial Statements, internal reports, surveys, and other sources. By analyzing this data, accountants can make informed decisions to help the company achieve its goals. What are some common accounting decision-making models? Common accounting decision-making models include the rational decision model, the incremental decision model, and the satisficing decision model. Each of these models has its own set of steps that should be followed when deciding. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
Take a quick Multiple Choice Questions (MCQs) test about General Journal. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the "start quiz" button and start General Journal MCQs quiz. If you find difficulty in answering these questions, read 'General Journal' chapter thoroughly from explanation section of the website. 1. Recording Posting Journalizing Classifying See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Journalizing" (option 3). 2. Book of original entry Business book Record book Financial book See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Book of original entry" (option 1). 3. Double entry Compound entry Combined entry Complex entry See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "compound entry" (option 2). 4. Details Entry Narration Additional data See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "narration" (option 3). 5. Cash discount Rebate Discount Trade discount See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "trade discount" (option 4). 6. Ledger Cash book Pass book Journal See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Journal" (option 4). 7. Cash > Debit; Purchases > Credit John > Debit; Merchandise > Credit A/C P.A - John > Debit; Purchases Return and Allowances > Credit None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "John debit; purchases return and allowances credit" (option 3). 8. Referring column Posting reference Entry number Ledger number See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Posting reference" (option 2). 9. Sales account Purchases account Loss by theft account No entry See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "Loss by theft account" (option 3). 10. Loss account Fire account Loss of goods by fire account None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "loss of goods by fire account" (option 3). 11. Drawings > Debit; Cash > Credit; Purchases > Credit Drawings > Debit; Cash > Credit; Merchandise > Credit Drawings > Debit; Cash > Credit; Sales > Credit Cash > Debit; Purchases > Debit; Drawings > Credit See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "drawings > debit; cash > credit; purchases > credit" (option 1). 12. It is different from cash discount It is a reduction in list (or retail) price It is not recorded in the books All of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "all of the above" (option 4). 13. Trade discount Relationship discount Payment discount Cash discount See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "cash discount" (option 4). 14. A revenue of the business An expense of the business A liability of the business An asset of the business See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "an expense of the business" (option 2). 15. A liability An expense An asset An income See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "an income" (option 4). 16. Cash Profit Income Capital See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "capital" (option 4). 17. Capital Revenue Sales return and allowances Purchase returns and allowances See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is " sales return and allowances" (option 3). 18. Purchases > Debit; Cash > Credit Purchases > Debit; Accounts Payable > Credit Purchases > Debit; Liability > Credit Accounts Payable > Debit; Purchases > Credit See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "purchases > debit; accounts payable > credit" (option 2). 19. Find the accounts involved in transaction Ascertain the increase or decrease in accounts Apply the rules of debit and credit All of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "all of the above" (option 4). 20. Accounts Receivable > Debit; Profit > Credit Cash > Debit; Sales > Credit Accounts Receivable > Debit; Asset > Credit Accounts Receivable > Debit; Sales > Credit See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is "accounts receivable > debit; sales > credit" (option 4). View Results