Accounting Principles Quiz

Prepare a multi-column journal for recording data.

Record transactions, such as accounts receivables and accounts payables, in appropriate journals.

Journalize or record business transactions in a journal (e.g., cash receipts, cash payments, purchases, sales, and general).

Journalize adjusting and closing entries for a business.

Prove and rule journals.

Evaluate assets and liabilities to determine their function in an accounting system.

Identify asset accounts.

Identify liability accounts.

Identify capital or owner’s equity accounts.

Create a chart of accounts to reflect business needs and update as needed.