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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the primary purpose of the journal in accounting?
💡 Hint: Think about where transactions start.
Question 2
Easy
Name two components of a journal entry.
💡 Hint: These are the financial aspects of each entry.
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 journal primarily used for in accounting?
- To prepare financial statements
- To record transactions
- To store data
💡 Hint: Think about where transactions are initially documented.
Question 2
True or False: A journal entry must always contain a debit and a credit.
- True
- False
💡 Hint: Consider the rules of double-entry accounting.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation