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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the purpose of a journal in accounting?
💡 Hint: Think about the first step in recording financial transactions!
Question 2
Easy
Define what a ledger is.
💡 Hint: It organizes the transactions in a structured way.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary role of a journal in accounting?
- A) To categorize accounts
- B) To record transactions in order
- C) To summarize financial statements
💡 Hint: Think about the first step in accounting.
Question 2
True or False: The trial balance ensures that total debits equal total credits.
- True
- False
💡 Hint: It acts as a check for balance in accounting.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A business fails to record a cash sale of $2,000. What type of error is this and how does it affect the trial balance?
💡 Hint: Consider how missing transactions impact the accounts.
Question 2
If a company mistakenly credits $5,000 to Salary Expense instead of Accounts Payable, what type of error is this, and what will be the immediate effect on the trial balance?
💡 Hint: Think of how errors can misrepresent financial data yet show balance.
Challenge and get performance evaluation