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Journal Entries Interview Questions & Answers
The literal meaning of the journal is a record of day-to-day financial transactions.A journal entry, in accounting, is a logging of transaction into accounting journal items. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced". A journal entry is a formal accounting entry used to identify a business transaction. The entry itemizes accounts that are debited and credited, and should include some description of the reason for the entry, as well as the date. If properly documented, journal entries provide an excellent audit trail for anyone investigating the accounting records of an entity. Journal entries provide a means of analyzing the effects of the transactions on an organization's financial position.

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Question	Rating	View Answer
What is the major advantage of a hash table?		View Answer
Debit the expenses or losses, credit all incomes and gains is the rule for: a) Real Account b) Personal Account c) Nominal Account d) None of the above		View Answer
Narration is given along with journal entry:- (a) To provide the tax details for the entry. (b) It is mandatory by government. (c) To give a precise explanation for proper understanding of the entry. (d) None.		View Answer
Goods given as charity credited to: a) Charity A/c b) Purchases A/c c) Drawings A/c d) Sales A/c		View Answer
'Debit the receiver and credit the giver' is the golden rule for which type of account? a) Real A/c b) Personal A/c c) Nominal A/c d) None of these		View Answer
The debt written off as bad, subsequently collected by proprietor in his personal capacity and kept by him. What is accounting treatment for this transaction? a) Debit- Drawings A/c & Credit- Debtors A/c b) Debit- Cash A/c and Credit- Bad Debts Recovered A/c c) Debit- Drawings A/c & Credit- Bad Debts Recovered A/c d) Simply ignore the transaction		View Answer
"Machinery sold for Rs. 30,000 on credit." In which subsidiary book this transaction will be recorded? a) Sales Register b) Cash Book c) Journal d) No entry will be made		View Answer
When we install SAP R/3 enterprise 4.7, there are several error messages in the SAPVIEW.log. What does this mean?		View Answer
Rs. 5,000 received from Ram on 1.1.09 for the old furniture sold to him on 1.06.08 which of the following entry should be passed for recording the transaction in the books of accounts? a) Cash A/c Dr. 5,000 To Furniture A/c 5,000 b) Cash A/c Dr. 5,000 To Suspense A/c 5,000 c) Cash A/c Dr. 5,000 To Bad Debts Recovered A/c 5,000 d) Cash A/c Dr. 5,000 To Ram A/c5,000		View Answer
Journal and subsidiary books in which transactions are first recorded are known as:- (a) Secondary Books (b) Ledger Books (c) Primary Books (d) Account Books		View Answer
How would I setup table maintenance for customized table Z1?		View Answer
Fixed Assets are held by business organization for (a) Creating NPAs (b) Generating Income (c) Making Payments (d) None of the Above		View Answer
In case of a debt becoming bad and doubtful, the amount is credited to _________? a) Bad Debts A/c b) Creditors A/c c) Debtors A/c d) Capital A/c		View Answer
Rs. 1,500 received from Ram which were written off as bad debts earlier. To record this receipt, cash account will be debited and ________ account will be credited. a) Ram's b) Bad - debts c) Bad - debt recovered d) Sales		View Answer
Which of the following is a real account? a) Cash A/c b) Investment A/c c) Outstanding Rent A/c d) Purchases A/c		View Answer
The rule regarding PERSONAL ACCOUNT IS: a) Debit what comes in, credit what goes out b) Debit all expenses and losses, credit all incomes and gains c) Debit the receiver, credit the giver d) None		View Answer
General Reserve Account and Dividend Equalisation Fund Account are: a) Personal A/c b) Real A/c c) Nominal A/c d) None		View Answer
Value of goods drawn by proprietor should be credited to: a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c		View Answer
M/S Stationery Mart will debit purchase of stationery to _________ a) Stationery A/c b) General Expense A/c c) Purchase A/c d) Stock A/c		View Answer