In double-entry bookkeeping, every transaction affects at least __________ account(s).
Double-Entry Bookkeeping

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University
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Medium
Onyinyechi Ebirim
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
one
two
three
four
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The fundamental principle of double-entry bookkeeping is:
Cash is king
Assets = Liabilities + Equity
Every debit has a corresponding credit
Revenue minus expenses equals profit
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which account type increases with a debit entry?
Assets
Liabilities
Equity
Revenue
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which account type increases with a credit entry?
Assets
Liabilities
Equity
Expenses
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A credit entry is recorded on the __________ side of the account.
left
right
top
bottom
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following represents a correct double-entry for a purchase of equipment with cash?
Debit Cash, Credit Equipment
Debit Equipment, Credit Cash
Debit Equipment, Credit Accounts Payable
Debit Cash, Credit Accounts Receivable
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An increase in accounts receivable is recorded as a __________ entry.
debit
credit
either debit or credit, depending on the situation
none of the above
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