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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define a journal entry and its components.
💡 Hint: Think about what columns are necessary to record a transaction.
Question 2
Easy
What is a trial balance and why is it important?
💡 Hint: Consider its role in bookkeeping.
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 first step in recording a transaction in accounting?
- Prepare a trial balance
- Create a journal entry
- Record debit and credit
💡 Hint: Remember how you start documentation in accounting.
Question 2
True or False: A trial balance always ensures that there are no errors in accounting.
- True
- False
💡 Hint: What does a trial balance actually verify?
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Prepare a series of journal entries for the following transactions: 1. Owner invests ₹50,000; 2. Buys equipment for ₹20,000 cash; 3. Revenue earned of ₹30,000.
💡 Hint: Think about how each transaction impacts debit and credit.
Question 2
Based on the ledger accounts created in earlier exercises, analyze if the totals balance after inputting transactions.
💡 Hint: Use SUM functions to check balances in Excel.
Challenge and get performance evaluation