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Give me 100 multiple choice question with their options and answer related to journal entries. chapter.?
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Give me 100 multiple choice question with their options and answer rel...
1. What is a journal entry?
A. A summary of financial transactions
B. A detailed record of individual transactions
C. A report of company performance
D. A list of expenses
Answer: B. A detailed record of individual transactions
2. Which accounts are affected in a journal entry?
A. Assets and liabilities
B. Income and expenses
C. Debits and credits
D. Credits and liabilities
Answer: C. Debits and credits
3. What is the purpose of a journal entry?
A. To calculate profits
B. To record transactions
C. To create financial statements
D. To pay taxes
Answer: B. To record transactions
4. What is the first step in creating a journal entry?
A. Analyzing transactions
B. Posting to the ledger
C. Preparing financial statements
D. Balancing accounts
Answer: A. Analyzing transactions
5. Which side of the account is debited in a journal entry?
A. Left
B. Right
C. Both
D. Neither
Answer: A. Left
6. When should journal entries be recorded?
A. Daily
B. Weekly
C. Monthly
D. Annually
Answer: A. Daily
7. What is the purpose of a journal entry in the accounting cycle?
A. To prepare financial statements
B. To analyze transactions
C. To post to the ledger
D. To calculate profits
Answer: B. To analyze transactions
8. How are journal entries organized in a journal?
A. Alphabetically
B. Chronologically
C. Numerically
D. Randomly
Answer: B. Chronologically
9. What is the difference between a journal entry and a ledger entry?
A. A journal entry is a summary, while a ledger entry is detailed
B. A journal entry is detailed, while a ledger entry is a summary
C. A journal entry is for income, while a ledger entry is for expenses
D. A journal entry is for assets, while a ledger entry is for liabilities
Answer: A. A journal entry is a summary, while a ledger entry is detailed
10. How are journal entries used in financial reporting?
A. To calculate taxes
B. To prepare budgets
C. To analyze performance
D. To forecast future profits
Answer: C. To analyze performance
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Give me 100 multiple choice question with their options and answer related to journal entries. chapter.?
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Give me 100 multiple choice question with their options and answer related to journal entries. chapter.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Give me 100 multiple choice question with their options and answer related to journal entries. chapter.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Give me 100 multiple choice question with their options and answer related to journal entries. chapter.?.
Give me 100 multiple choice question with their options and answer related to journal entries. chapter.? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Give me 100 multiple choice question with their options and answer related to journal entries. chapter.? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Give me 100 multiple choice question with their options and answer related to journal entries. chapter.?.
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