Journal Entry Practice Quiz
Journal Entry Practice Questions
Here are 5 True or False questions on Journal Entries. How many can you get right?
A Journal Entry is a record of a Financial Transaction.
a) True
b) False
Every Journal Entry contains exactly one Debit and one Credit.
a) True
b) False
In a Journal Entry, Total Debits must equal Total Credits.
a) True
b) False
Journal Entries are posted directly into Financial Statements.
a) True
b) False
A Compound Journal Entry involves more than two accounts.
a) True
b) False
Scroll down to see the answers.
Journal Entry Practice Question Video
You can also take the test in this video:
Journal Entry Practice Answers
Here are the answers:
a) True. A Journal Entry is a record of a Financial Transaction.
b) False. A Journal Entry can contain more than one Debit and one Credit. It all depends on the complexity of the transaction. The sole requirement is that Total Debits equal Total Credits.
a) True. In Double-Entry Accounting, every transaction must be balanced. This means Total Debits must equal Total Credits across all Journal Entries.
b) False. Journal Entries are posted to the General Ledger. This is a central database that contains a complete record of Accounts and Journal Entries. Data from the General Ledger is periodically summarized and used to create Financial Statements.
a) True. A Compound Journal Entry affects more than two accounts.
How did you go? Share your score in the comments.
Journal Entry Question Pack
I've put together a question pack covering Journal Entries. It contains 20 practice questions and answers. You can download it here if you want to test yourself.
This digital product is a .zip file consisting of 20 Journal Entry practice questions along with the corresponding answers.
Contents:
Journal Entry Question Pack 1.pdf (2 Pages)
Journal Entry Answer Pack 1.pdf (5 Pages)
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Feel free to print, annotate and add them to your notes.
All prices are in USD.
Journal Entry Cheat Sheet
My Journal Entry Cheat Sheet is available for download here. It’ll give you a summary of all the key information that you need to know.
Journal Entries Cheat Sheet
Learn how to record business transactions with this one-page, printable Journal Entries Cheat Sheet. It’s perfect for accounting students, bookkeepers and business owners. This visual guide explains the structure of a Journal Entry, the role of debits and credits and how entries feed into the General Ledger.
What is in the Cheat Sheet?
You’ll learn:
What a Journal Entry is and why it’s important in bookkeeping.
The key components: date, account names, debits, credits and descriptions.
The Double-Entry Accounting rule — every debit has a corresponding credit..
The difference between Simple and Compound Journal Entries.
How Journal Entries flow into T-Accounts, the General Ledger and Financial Statements.
A must-have quick reference for learning, exam prep or day-to-day bookkeeping.
How will I receive my Cheat Sheet?
The Journal Entries Cheat Sheet is a digital product. After completing your purchase you'll receive an email. It will contain a link to download a pdf file.
If you run into any issues then please contact me here. I’ll get back to you as soon as possible.
All prices are in USD.