Double-Entry Bookkeeping

Double-Entry Bookkeeping

University

15 Qs

quiz-placeholder

Similar activities

FInancial Statements

FInancial Statements

University

10 Qs

Nguyên Lý Kế Toán TDTU

Nguyên Lý Kế Toán TDTU

University

14 Qs

BASIC ACCOUNTING PROBLEMS

BASIC ACCOUNTING PROBLEMS

University

20 Qs

POST TEST

POST TEST

University

10 Qs

Accounting2

Accounting2

University

20 Qs

The Recording Process

The Recording Process

University

10 Qs

Finacre - PQ1

Finacre - PQ1

University

15 Qs

statement of owner's equity

statement of owner's equity

University

12 Qs

Double-Entry Bookkeeping

Double-Entry Bookkeeping

Assessment

Quiz

Other

University

Medium

Created by

Onyinyechi Ebirim

Used 31+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

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

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?