WorksheetsGeneral Journal
Total questions: 12
Worksheet time: 6mins
Sales (CR)
Sales (CR)
Accounts Receivable (CR)
Cash (CR)
Cash (CR)
John Smith, Drawing (Cr)
Cash (DR)
What is the purpose of a credit entry in a journal?
To record an increase in liabilities or revenues
To record a decrease in assets or expenses
To record a decrease in liabilities or revenues
To record an increase in assets or expenses
What is the purpose of a debit entry in a journal?
To record an increase in assets or expenses
To record a decrease in liabilities or revenues
To record a decrease in assets or expenses
To record an increase in liabilities or revenues
What is the process of recording transactions in a journal called?
Journalizing
Balancing
Posting
Analyzing
What is the general purpose of the general journal in accounting?
To record only cash transactions
To record transactions of any type
To record only sales transactions
To record only purchases transactions
What is the main difference between a manual accounting system and a computerized accounting system?
The speed of processing accounting transactions
The type of financial statements produced
The accuracy of accounting records
The method of processing and maintaining accounting records
What is the primary purpose of a source document in accounting?
To record the company's financial performance
To provide a report of the company's financial position
To summarize the financial transactions of the company
To verify the occurrence and details of a transaction
What is a journal in accounting?
A summary of financial transactions at the end of the accounting period
A detailed record of financial transactions in order by date
A record of employee time cards
A report of the company's financial performance
What is the first step in the Accounting Cycle?
Identify and Analyze Transactions
Posting to the General Ledger
Adjusting Entries
Financial Statements
Which description describes: Bank debit Advice
Money coming in from debtors/A-R
Bank puts money in your account
Bank takes money out of your account
Payment for assets, expense, service, owner withdrawals, payment on account
Stationery of R500 has not been used at the end of the financial year.
Debit Stationery
Credit Creditors Control
Debit Consumable Stores
Credit Stationery
Debit Stationery
Credit Consumable Stores
Debit Consumable Stores
Credit Stationery on Hand
