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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the primary function of a journal in accounting?
💡 Hint: Think about the first place where transactions are logged.
Question 2
Easy
What do we call each record in a journal?
💡 Hint: It's a common term used in accounting.
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 purpose of a journal in accounting?
- To summarize financial data
- To record transactions chronologically
- To prepare tax returns
💡 Hint: Think about its role in the accounting process.
Question 2
True or False: Each journal entry involves only one account.
- True
- False
💡 Hint: Remember the structure of double-entry bookkeeping.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
You have received payment of ₹15,000 for a service provided and incurred ₹2,500 in expenses related to that service. Create the journal entries for these transactions.
💡 Hint: You'll need to account for income and expenses separately.
Question 2
Prepare a journal entry for a transaction where inventory worth ₹5,000 is purchased on credit.
💡 Hint: Remember to record both parts of the transaction.
Challenge and get performance evaluation