Accounting Principles Quiz

Prepare a multi-column journal for recording data.

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

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

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Journalize adjusting and closing entries for a business.

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Prove and rule journals.

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

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Identify asset accounts.

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Identify liability accounts.

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Identify capital or owner’s equity accounts.

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

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OFF