Top 25 MCQ-Journal

Financial Accounting · Topic 8 quiz

Journal Quiz

Work through 25 multiple-choice questions, one at a time. Submit each answer for feedback. At the end, review your score and see which concepts to revisit.

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1. Credit for a completed service billed to customer…CashService RevenuePayablesDrawings

2. Debit when collecting a previously billed invoice…CashRevenuePayablesCapital

3. Credit for accrued wages…Wages ExpenseInventoryCashWages Payable

4. Purpose of narration…Calculate gross profitClose the ledgerExplain the entryApprove credit

5. Compound entry has…Only one lineUnequal totalsMore than two account linesNo accounts

6. Opening capital from assets and loan? Opening assets: 960. Opening loan: 144.1104816960144

7. Expense for one month of annual insurance? Annual premium: 1080.901802701080

8. Cash credit for loan principal and current interest? Principal repaid: 1200. Interest paid: 168.103212001681368

9. Revenue earned from an advance less unearned balance? Advance received: 1320. Remaining unearned: 180.150013201801140

10. Debit to Cash for a receipt plus a separate cash sale? Invoice collected: 1440. Cash sale: 192.124814401632192

11. Opening capital from assets and loan? Opening assets: 1200. Opening loan: 168.136810321200168

12. Expense for one month of annual insurance? Annual premium: 1320.1102203301320

13. Cash credit for loan principal and current interest? Principal repaid: 1440. Interest paid: 192.163212481440192

14. Revenue earned from an advance less unearned balance? Advance received: 1560. Remaining unearned: 204.176415602041356

15. Debit to Cash for a receipt plus a separate cash sale? Invoice collected: 1680. Cash sale: 216.146416801896216

16. Opening capital from assets and loan? Opening assets: 1440. Opening loan: 192.163212481440192

17. Expense for one month of annual insurance? Annual premium: 1560.2601303901560

18. Cash credit for loan principal and current interest? Principal repaid: 1680. Interest paid: 216.189614641680216

19. Revenue earned from an advance less unearned balance? Advance received: 1800. Remaining unearned: 228.202818002281572

20. Debit to Cash for a receipt plus a separate cash sale? Invoice collected: 1920. Cash sale: 240.168019202160240

21. Opening capital from assets and loan? Opening assets: 1680. Opening loan: 216.189616801464216

22. Expense for one month of annual insurance? Annual premium: 1800.3001504501800

23. Cash credit for loan principal and current interest? Principal repaid: 1920. Interest paid: 240.216016801920240

24. Revenue earned from an advance less unearned balance? Advance received: 2040. Remaining unearned: 252.229220402521788

25. Debit to Cash for a receipt plus a separate cash sale? Invoice collected: 2160. Cash sale: 264.189621602642424

Show the answer key

Service Revenue The correct choice is Service Revenue.
Cash The correct choice is Cash.
Wages Payable The correct choice is Wages Payable.
Explain the entry The correct choice is Explain the entry.
More than two account lines The correct choice is More than two account lines.
816 Opening capital equals assets less liabilities.
90 Allocate evenly over twelve months.
1368 The total payment is credited to Cash.
1140 Recognise the portion already earned.
1632 Both receipts increase cash.
1032 Opening capital equals assets less liabilities.
110 Allocate evenly over twelve months.
1632 The total payment is credited to Cash.
1356 Recognise the portion already earned.
1896 Both receipts increase cash.
1248 Opening capital equals assets less liabilities.
130 Allocate evenly over twelve months.
1896 The total payment is credited to Cash.
1572 Recognise the portion already earned.
2160 Both receipts increase cash.
1464 Opening capital equals assets less liabilities.
150 Allocate evenly over twelve months.
2160 The total payment is credited to Cash.
1788 Recognise the portion already earned.
2424 Both receipts increase cash.