Practice - The Journal (Book of Original Entry)
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Practice Questions
Test your understanding with targeted questions
What is the primary purpose of the journal in accounting?
💡 Hint: Think about where transactions start.
Name two components of a journal entry.
💡 Hint: These are the financial aspects of each entry.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the journal primarily used for in accounting?
💡 Hint: Think about where transactions are initially documented.
True or False: A journal entry must always contain a debit and a credit.
💡 Hint: Consider the rules of double-entry accounting.
1 more question available
Challenge Problems
Push your limits with advanced challenges
Create a complete journal entry for an instance in which a company pays off a debt of ₹2,000.
💡 Hint: Think about how debt repayment affects liabilities and cash.
A business owner received a cash advance of ₹10,000 for services to be rendered in the future. How would this transaction be recorded?
💡 Hint: Consider the implications on revenue recognition.
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