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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a simple entry in accounting?
💡 Hint: Think of the most basic form of transactions.
Question 2
Easy
Give an example of a simple entry.
💡 Hint: Consider transactions with immediate cash payment.
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 type of journal entry includes one debit and one credit?
- Simple Entry
- Compound Entry
- Adjustment Entry
💡 Hint: Think about the most basic transaction.
Question 2
True or False: Adjustment entries are made at the beginning of the accounting period.
- True
- False
💡 Hint: Consider at what point you adjust accounts.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Design an intricate journal entry for a scenario where a company borrows ₹20,000 from the bank and purchases equipment worth ₹15,000 partly in cash and partly on credit.
💡 Hint: Consider how many accounts are affected in the transaction.
Question 2
A business paid rent of ₹5,000 for two months in advance. How would you record this transaction?
💡 Hint: Think about recording future expenses.
Challenge and get performance evaluation