
Mastering Bookkeeping Concepts
Quiz
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Business
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University
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Practice Problem
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Medium
Bhanu Kafle
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental principle of double-entry bookkeeping?
Transactions can be recorded without any documentation.
All accounts must have a zero balance at all times.
Every transaction affects only one account.
Every transaction affects at least two accounts, maintaining balance in the accounting equation.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does double-entry bookkeeping ensure accuracy in financial records?
It uses random sampling to check for errors.
Double-entry bookkeeping ensures accuracy by requiring that every transaction is recorded in two accounts, maintaining balance and enabling error detection.
It records transactions in a single account for simplicity.
It relies on manual calculations to verify totals.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two main types of journal entries?
Adjusting entries and closing entries
Initial entries and final entries
Transaction entries and summary entries
Debit entries and credit entries
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Can you give an example of a compound journal entry?
Debit Salaries Expense $5,000; Debit Payroll Tax Expense $1,000; Credit Cash $6,000.
Debit Office Supplies $1,500; Credit Inventory $1,500.
Debit Utilities Expense $2,000; Credit Accounts Payable $2,000.
Debit Rent Expense $3,000; Credit Cash $3,000.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a general journal in accounting?
To prepare tax returns for businesses.
To summarize financial statements at the end of the year.
The purpose of a general journal in accounting is to record all financial transactions chronologically.
To analyze market trends and forecasts.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you record a purchase of inventory in a journal entry?
Debit Accounts Receivable, Credit Sales
Debit Inventory, Credit Revenue
Debit Inventory, Credit Accounts Payable (or Cash)
Debit Cash, Credit Inventory
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a debit and a credit?
Debits and credits are the same and do not affect financial statements.
Debits are used only for cash transactions, while credits are for non-cash transactions.
Debits increase assets/expenses and decrease liabilities/equity; credits decrease assets/expenses and increase liabilities/equity.
Debits decrease assets and increase liabilities; credits increase assets and decrease liabilities.
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