What is the fundamental principle behind double-entry accounting?

Double-Entry Accounting Basics Quiz

Quiz
•
Computers
•
9th Grade
•
Hard

Yolanda Williams
Used 8+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Each transaction affects only one account.
Each transaction is recorded twice, once as a debit and once as a credit.
Each transaction must involve a cash account.
Each transaction is recorded in a single journal.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double-entry accounting, if a business takes out a loan, which of the following is true?
The loan account is debited, and the cash account is credited.
The cash account is debited, and the loan account is credited.
Both the loan account and the cash account are debited.
Both the loan account and the cash account are credited.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a debit entry in an asset account signify?
A decrease in the asset
An increase in the asset
No change in the asset
Transfer of the asset
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements is true regarding double-entry accounting?
The total debits must equal the total credits in each transaction.
The total debits must always be greater than the total credits.
The total credits must always be greater than the total debits.
Only one account can be debited or credited in a transaction.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company purchases inventory on credit, how is this recorded in double-entry accounting?
Debit inventory account, credit cash account
Debit cash account, credit inventory account
Debit inventory account, credit accounts payable account
Debit accounts receivable account, credit inventory account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What effect does a credit entry in a liability account have?
It decreases the liability.
It increases the liability.
It has no effect on the liability.
It transfers the liability to another account.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double-entry accounting, what is the effect of debiting a revenue account?
Increase in revenue
Decrease in revenue
No change in revenue
Transfer of revenue to another account
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