Which of the following best describes a journal in accounting?

Accounting Quiz

Quiz
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Arts
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University
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Hard
Manjula L
Used 2+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A) A financial statement summarizing all account balances.
B) A book where all transactions are initially recorded in chronological order.
C) A ledger account used for tracking cash flow.
D) A record of financial transactions specific to a single account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of recording transactions in a journal?
A) To prepare financial statements.
B) To ensure all transactions are entered in a systematic manner.
C) To summarize transactions for tax purposes.
D) To reconcile bank statements.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of entry is made in the journal when a company pays cash for office supplies?
A) Debit Office Supplies, Credit Cash
B) Debit Cash, Credit Office Supplies
C) Debit Office Supplies, Credit Accounts Payable
D) Debit Accounts Payable, Credit Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The journal entry to record the purchase of inventory on credit would be:
A) Debit Inventory, Credit Cash
B) Debit Inventory, Credit Accounts Payable
C) Debit Cash, Credit Inventory
D) Debit Accounts Payable, Credit Inventory
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes a ledger in accounting?
A) A book that contains detailed records of all transactions for each account.
B) A book used to record daily business activities.
C) A summary of financial transactions for the year.
D) A tool for calculating tax liabilities.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a ledger account shows a debit balance, what does this typically indicate?
A) The account is a liability account.
B) The account is an expense or asset account.
C) The account is a revenue account.
D) The account has been overdrawn.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When should an account be balanced in the ledger?
A) At the end of each fiscal year.
B) At the end of each month.
C) After every journal entry.
D) Before preparing the trial balance.
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