For increasing intelligence, it is very necessary to give test. By giving more and more test, you find more and more mistakes. You note all such mistakes. Then, you set your goal not to do mistakes. After so much improvements in goal, you achieve your goal. In accounting area, there is also importance of giving online test. At Accounting Education Website, we take Online Accounting, Taxation and Finance Tests time to time. Today, we are taking Journal Entries Test - Part 2. If you did not give part 1 test, please give at here.
If you do not know, how to pass the journal entries in accounting, first learn it from our eBook Journal Entries MADE Easy and after this, we will check your answers and improve your mistakes if you will do.
Question 1. Double Entry System affects two accounts.
a) One buyer and second seller
b) One Payer and Second Receiver
c) One loan giver and one loan receiver
d) One profit receiver and other Profit giver
Question 2. All expenses and losses will debit in journal entry because
a. It is decrease of capital
b. It is our liability
c. It makes our assets
d. It is our responsibility
Question 3. Can two personal account be credited in any one journal entry?
c) I do not know
d) I will ask same question from my accounting teacher
Question 4. Why does increase in asset debit?
a) It withdraw your cash
b) It increases our capacity to produce more
c) It brings revenue in our pocket in short or long run
d) Because we can sell it and pay our liabilities
Question 5. When will capital account debit
a) When we pay expenses
b) When we withdraw money
c) When we sell our all assets less than book value of asset
d) Capital account will never debit in journal entries