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?

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

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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 _________________.

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When collections are made on Accounts Receivable, ______________________________.

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Which of the following accounts has a normal debit balance?

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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 _____________________________.

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