Accounting Basics Quiz

To find an explanation for a transaction, one should look at the _______________.

Which of the following accounts might be placed first in a proper journal entry?

Which of the following events does not require an entry in journal form?

A Php 200,000 machine is purchased by paying Php 50,000 cash and issuing a promissory note for the remainder. The journal entry should include a _________________.

When collections are made on Accounts Receivable, ______________________________.

Which of the following accounts has a normal debit balance?

Which of the following describes the classification and normal balance of the Service Revenues account?

If Accounts Payable has debit posting of Php 170,000, credit postings of Php 140,000, and a normal ending balance of Php 60,000 which of the following was its beginning balance?

When a company has performed a service but has not yet received payment, it _____________________________.

The process of transferring journal entry information from the journal to the ledger is called ___________