General Journal MCQs

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Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 26, 2023

Take a quick Multiple Choice Questions (MCQs) test about General Journal. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the "start quiz" button and start General Journal MCQs quiz.

If you find difficulty in answering these questions, read 'General Journal' chapter thoroughly from explanation section of the website.

1. The process of recording business transactions in chronological order is called:
2. Another name for a journal is:
3. A journal entry that involves more than two accounts is called:
4. A written explanation below each journal entry is known as:
5. The discount calculated on the list price of the goods is called:
6. The day book is another name for:
7. The correct journal entry for return of merchandise purchased from Mr. Smith on account is:
8. The column of the journal used to record the page number of the ledger account is known as:
9. Stolen merchandise should be debited to:
10. Loss of goods by fire should be debited to:
11. The owner of the business takes $100 cash and goods costing $200 for his family. The proper journal entry for this transaction is:
12. Which of the following best describes the trade discount:
13. The term used for the discount offered by sellers to encourage prompt payments is known as:
14. The cash discount given is debited because it is:
15. The cash discount received is credited because it is:
16. Mr. Smith invests $10,000 cash in his business. The account to be credited is:
17. When a customer returns merchandise, the account to be debited is:
18. The correct entry for the purchase of merchandise on account is:
19. To record a transaction in the general journal correctly, the accountant needs to:
20. The correct entry for the sale of merchandise on account is:

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About the Author

True Tamplin, BSc, CEPF®

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True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.

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