Journal Entries Quiz: 20 Questions for Beginners

📚 New! Get my 2nd Edition Accounting Cheat Sheet Bundle → https://accountingstuff.com/shop In this video, I’ll give you 20 multiple-choice questions on Journal Entries to help you practise the basics of Double-Entry Accounting. We’ll cover everything from simple debits and credits to Adjusting Entries, Reversing Entries, Compound Entries, Closing Entries and common accounting errors. Whether you’re a student, bookkeeper, or small business owner, this quiz is a great way to test your understanding and sharpen your skills. Are you up for the challenge? Play along and see how many you can get right. Don’t forget to drop your score in the comments at the end! 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:20 - Q1: A Journal Entry is a _____ . Can you fill in the blank? 00:48 - Q2: A Journal Number is a ______ reference number used to identify a Journal Entry. Can you fill in the blank? 01:13 - Q3: The ______ is the date the Journal Entry is recorded in the General Ledger. Can you fill in the blank? 01:36 - Q4: Why should every Journal Entry include a description? 02:05 - Q5: Every Journal Entry includes ______ . Can you fill in the blank? 02:29 - Q6: What is a common risk associated with Manual Journal Entries? 02:58 - Q7: In modern accounting software, Automatic Journal Entries are often created ______ . Can you fill in the blank? 03:30 - QuickBooks Online 04:35 - Q8: A Simple Journal Entry involves _____ . Can you fill in the blank? 04:59 - Q9: When a transaction impacts three or more accounts, it's recorded as a ______ . Can you fill in the blank? 05:26 - Q10: Which of the following transactions would not require an Adjusting Entry? 05:54 - Q11: Which of the following errors would not require a Correcting Entry? 06:26 - Q12: The main purpose of a Reversing Entry is to ______ . Can you fill in the blank? 06:55 - Q13: Once all Closing Entries have been posted, which accounts still have balances? 07:30 - Q14: A business issues common stock for cash. What is the Journal Entry? 08:10 - Q15: A business receives cash from a customer to settle an outstanding account. What is the Journal Entry? 08:53 - Q16: A business closes its Revenue account at year-end. What is the Journal Entry? 09:36 - Q17: A business records depreciation on its Equipment. What is the Journal Entry? 10:23 - Q18: A customer pays in advance for a 12-month subscription. What is the initial Journal Entry? 11:04 - Q19: A business buys equipment. It pays part in cash and the rest on credit. What is the Journal Entry? 11:53 - Q20: A business mistakenly records a payment for Office Supplies as a Marketing Expense. What is the Journal Entry? 12:36 - Bonus Question: A business forgets to accrue Utility Expenses. What is the effect on the Accounting Equation? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff