General Journal: Fill In the Blanks

1. The is the initial book used to record all transactions. See answer 2. Another name for the general journal is the . See answer 3. The process of recording transactions in the general journal is referred to as . See answer 4. An entry consisting of more than one debit or credit is known as a. See answer 5. The brief description inserted below each journal entry is known as a . See answer 6. Cor…

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Transaction Analysis MCQs

Take this short test on transaction analysis to help you prepare for your exams and interviews. To begin, simply click the “Start Quiz” button below. If you find it difficult to answer any of these multiple choice questions (MCQs), you can read this short article on transaction analysis. Time limit: 0 Quiz-summary 0 of 10 questions completed Questions: 1 2 3 4 5 6 7 8 9 10 Information Distribution…

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Transaction Analysis: Fill In the Blanks

1. John starts business with $100,000 in cash. John’s capital account will be . See answer 2. John purchases supplies for $500 in cash. The supplies account will be . See answer 3. John purchases merchandise for $5,000 on account. The account will be credited. See answer 4. Merchandise are sold to a customer on account. The sales account will be . See answer 5. $4,800 in cash is paid to a creditor…

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Accounting Equation: Fill In the Blanks

We’ve prepared this quiz to help students get ready for their exams and interviews. To complete the quiz, you should enter your answer for each question in the text box. After answering all the questions, click the submit button to receive your results. If you find it challenging to answer any of these questions, we encourage you to read through our article on accounting equations at least once. N…

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Accounting Equation

The properties owned by a business are called assets. The rights or claims to the properties are referred to as equities. For every business, the sum of the rights to the properties is equal to the sum of properties owned. The relationship between the two may be expressed in the form of an equation. This equation is commonly known as the accounting equation and is written as follows: Assets = Equi…

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Accounting Equations MCQs

Take this quick test on accounting equations to help you prepare for your exams, interviews, or different tests. If you find it difficult to answer any of these questions, you can read about accounting ratios on this website. This multiple choice question (MCQ) test contains 23 questions. Each question has 4 options and you’ll need to choose the 1 correct option. The results will be shown after yo…

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Realization Principle of Accounting

Definition The realization principle of accounting revolves around determining the point in time when revenues are earned. The concept followed by the realization principle is that revenue is realized when the goods and services produced by a business are transferred to a customer, either for cash, an asset, or a promise to pay cash or other assets in the future. Explanation A critically important…

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Accounting Principles and Concepts MCQs

Test your knowledge with this multiple choice question (MCQ) test on accounting principles and concepts. If you’re unsure about any questions, you can read about this topic in detail in the explanation section. We have prepared a multiple choice questions quiz for the students to check their knowledge about Accounting Principles and Concepts chapter. The quiz consists of 10 multiple choice questio…

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