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.
Time limit: 0
Quiz-summary
0 of 20 questions completed
Questions:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Information
General journal quiz
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 20 questions answered correctly
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
Not categorized0%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Answered
Review
Question 1 of 20
1. Question
The process of recording business transactions in chronological order is called:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Journalizing” (option 3).
Question 2 of 20
2. Question
Another name for a journal is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Book of original entry” (option 1).
Question 3 of 20
3. Question
A journal entry that involves more than two accounts is called:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “compound entry” (option 2).
Question 4 of 20
4. Question
A written explanation below each journal entry is known as:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “narration” (option 3).
Question 5 of 20
5. Question
The discount calculated on the list price of the goods is called:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “trade discount” (option 4).
Question 6 of 20
6. Question
The day book is another name for:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Journal” (option 4).
Question 7 of 20
7. Question
The correct journal entry for return of merchandise purchased from Mr. Smith on account is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “John debit; purchases return and allowances credit” (option 3).
Question 8 of 20
8. Question
The column of the journal used to record the page number of the ledger account is known as:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Posting reference” (option 2).
Question 9 of 20
9. Question
Stolen merchandise should be debited to:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Loss by theft account” (option 3).
Question 10 of 20
10. Question
Loss of goods by fire should be debited to:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “loss of goods by fire account” (option 3).
Question 11 of 20
11. Question
The owner of the business takes $100 cash and goods costing $200 for his family. The proper journal entry for this transaction is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “drawings > debit; cash > credit; purchases > credit” (option 1).
Question 12 of 20
12. Question
Which of the following best describes the trade discount:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “all of the above” (option 4).
Question 13 of 20
13. Question
The term used for the discount offered by sellers to encourage prompt payments is known as:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “cash discount” (option 4).
Question 14 of 20
14. Question
The cash discount given is debited because it is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “an expense of the business” (option 2).
Question 15 of 20
15. Question
The cash discount received is credited because it is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “an income” (option 4).
Question 16 of 20
16. Question
Mr. Smith invests $10,000 cash in his business. The account to be credited is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “capital” (option 4).
Question 17 of 20
17. Question
When a customer returns merchandise, the account to be debited is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is ” sales return and allowances” (option 3).
Question 18 of 20
18. Question
The correct entry for the purchase of merchandise on account is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “purchases > debit; accounts payable > credit” (option 2).
Question 19 of 20
19. Question
To record a transaction in the general journal correctly, the accountant needs to:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “all of the above” (option 4).
Question 20 of 20
20. Question
The correct entry for the sale of merchandise on account is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “accounts receivable > debit; sales > credit” (option 4).
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®), 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.
Glad you found the material helpful. Let us know what other kinds of information you’d like to see and we’ll try to add it in the future. Best of luck!
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok
Awesome! Your answer is correct.Incorrect
Your answer is incorrect. The correct answer is “Journalizing” (option 3).
This is really very helpful. 🙂
Yes this helpful
Glad you found the material helpful. Let us know what other kinds of information you’d like to see and we’ll try to add it in the future. Best of luck!
Aswome loved it
Thanks! Let us know what other kinds of information you’d like to see and we’ll try to add it in the future. Best of luck!
Yes it is helpful to us
it’s good
Thanks! Let us know what other kinds of information you’d like to see and we’ll try to add it in the future. Best of luck!
How to prepare Journal entries for partnership?