Take a quick Multiple Choice Questions (MCQs) test about General Journal. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start General Journal MCQs quiz.
If you find difficulty in answering these questions, read ‘General Journal‘ chapter thoroughly from explanation section of the website.
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- Question 1 of 20
1. Question
The process of recording business transactions in a chronological order is called:
Correct
Awesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “Journalizing” (option 3). - Question 2 of 20
2. Question
A journal is also called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “Book of original entry” (option 1). - Question 3 of 20
3. Question
A journal entry that involves more than two accounts is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “compound entry” (option 2). - Question 4 of 20
4. Question
A written explanation below each journal entry is known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “narration” (option 3). - Question 5 of 20
5. Question
The discount which is calculated on the list price of the goods is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “trade discount” (option 4). - Question 6 of 20
6. Question
The day book is another name of:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “Journal” (option 4). - Question 7 of 20
7. Question
The correct journal entry for return of merchandise purchased from Mr. John on account is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “John debit; purchases return and allowances credit” (option 3). - Question 8 of 20
8. Question
The column of the journal that is used for recording the page number of ledger account is known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “Posting reference” (option 2). - Question 9 of 20
9. Question
Merchandise stolen by someone should be debited to:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “Loss by theft account” (option 3). - Question 10 of 20
10. Question
Loss of goods by fire should be debited to:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “loss of goods by fire account” (option 3). - Question 11 of 20
11. Question
The owner of the business takes $100 cash and goods costing $200 for his family. The proper journal entry for this transaction is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “drawings > debit; cash > credit; purchases > credit” (option 1). - Question 12 of 20
12. Question
Which of the following best describes the trade discount:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “all of the above” (option 4). - Question 13 of 20
13. Question
The term used for the discount offered by sellers to encourage prompt payments is known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “cash discount” (option 4). - Question 14 of 20
14. Question
The cash discount given is debited because it is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “an expense of the business” (option 2). - Question 15 of 20
15. Question
The cash discount received is credited because it is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “an income” (option 4). - Question 16 of 20
16. Question
Mr. John invests $10,000 cash in his business. The account to be credited is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “capital” (option 4). - Question 17 of 20
17. Question
When a customer returns merchandise, the account to be debited is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is ” sales return and allowances” (option 3). - Question 18 of 20
18. Question
The correct entry for purchase of merchandise on account is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “purchases > debit; accounts payable > credit” (option 2). - Question 19 of 20
19. Question
To record a transaction in the general journal correctly, the accountant or book-keeper needs
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “all of the above” (option 4). - Question 20 of 20
20. Question
The correct entry for the sale of merchandise on account is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “accounts receivable > debit; sales > credit” (option 4).
Awesome! your answer is correct.
Your answer is incorrect. The correct answer is “Journalizing” (option 3).You can also check:
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