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Home Interview Accounting and Finance Comments

  • Question
  • Explain How is a journal entry recorded?


  • Correct Answer
  • Journal Entries are recorded on a double entry system ie debit and credit concept In order to record a journal entry the following steps need to be followed - Enter the Journal entry number - Enter the Date of transaction - Enter the Debit item (as per the golden principles of accountancy) - Enter the corresponding GL folio number - Enter the Debit amount - Enter the credit item(as per the golden principles of accountancy) - Enter the amount in the credit column - Provide a brief description of the transaction - leave a single line before next transaction 


  • Accounting and Finance problems


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    • 1. What is Evaluated Receipt Settlement?
    • Discuss
    • 2. Accounts that normally have debit balances are

    • Options
    • A. Assets,Expenses,and Common stock
    • B. Assets,Dividends,and Expenses
    • C. Assets,Expenses,and Revenues
    • D. All of the above
    • Discuss
    • 3. What is the main function of international monetary fund ?

    • Options
    • A. Help to solve Balance of Payment problems of member countries
    • B. Act as private sector lending arm of the World Bank
    • C. Finance investment loans to developing countries
    • D. Arrange international deposits from banks
    • Discuss
    • 4. What is the difference between EFT & Wire?
    • Discuss
    • 5. Why does a company/business require an Accounts payables process?
    • Discuss
    • 6. Is it possible for a company to show positive cash flows but be in grave trouble ?
    • Discuss
    • 7. What are the Golden Rules Of Accounting ?
    • Discuss
    • 8. The journal entry to record a credit sale is

    • Options
    • A. Accounts Receivable
    • B. Accounts Payable
    • C. Both A & B
    • D. None of the above
    • Discuss
    • 9. What is the difference between cheque and Demand Draft?
    • Discuss
    • 10. What have you learned from your studies that can be applied to a career in investment banking?
    • Discuss


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