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Double Entry System Quiz

Authored by Melissa Mae

Other

11th - 12th Grade

Used 156+ times

Double Entry System Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every transaction must have at least ONE Debit and ONE Credit entry.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The total of the debit values recorded must equal the total of the credit values recorded.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land & Building is one of Non Current Liabilities.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Discount received is one of examples of

Expenses

Revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease to Accounts Payable is a

debit

credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An asset account is increased with a _________.

debit

credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase to Utilities Expense is a ____________.

debit

credit

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