50 Questions on
Accounting Journal Entries
App Description:
This app provides an easy-to-access summary of essential knowledge on how to prepare accounting journal entries.
Basic concepts are structured in a question-and-answer format for instant application to real-world transactions.
Read questions and answers in "Review Mode" first and then test your understanding by using the "Quiz Mode" feature. You can switch between review and quiz modes at any time.
This app was designed to help:
(1) Students who are currently taking an introductory financial accounting course;
(2) Students who wish to refresh their understanding of accounting journal entries; and
(3) Business professionals who would like an overview of the double-entry recording system, including the concepts of debits and credits.
The app includes 50 questions organized into 8 sections:
Q. 1-7: Debits and credits
Q1. Journal entry
Q2. Debits and credits
Q3. Accounting equation
Q4. Debit accounts
Q5. Credit accounts
Q6. Normal balances
Q7. Balancing of a journal entry
Q. 8-13: Merchandise transactions
Q8. Cash receipt
Q9. Cash payment
Q10. Purchase of merchandise
Q11. Sale of merchandise
Q12. Cost of goods sold
Q13. Gross profit
Q. 14-17: Accrual basis accounting
Q14. Prepaid expenses
Q15. Accrued expenses
Q16. Unearned revenue
Q17. Accrued revenue
Q. 18-24: Assets
Q18. Accounts receivable
Q19. Notes receivable
Q20. Allowance for doubtful accounts
Q21. Purchase of equipment
Q22. Depreciation
Q23. Sale of equipment
Q24. Goodwill
Q. 25-30: Liabilities
Q25. Accounts payable
Q26. Notes payable
Q27. Salaries payable
Q28. Income taxes payable
Q29. Issuance of bonds payable
Q30. Repayment of bonds payable
Q. 31-34: Equity
Q31. Issuance of common stock
Q32. Cash dividend
Q33. Stock dividend
Q. 35-45: Summary
Q35. Debits and credits
Q36. Merchandise transactions
Q37. Accounts receivable
Q38. Prepaid expenses
Q39. Unearned revenue
Q40. Purchase of noncurrent assets
Q41. Depreciation
Q42. Sale of noncurrent assets
Q43. Borrowings
Q44. Common stock
Q45. Cash dividend
Q. 46-50: Review
Q46. Review questions 1
Q47. Review questions 2
Q48. Review questions 3
Q49. Review questions 4
Q50. Review questions 5