Basic Accounting
-
Debits and Credits are a part of double entry bookkeeping?
-
True
-
False
-
In the following quiz, we’ll be taking a look at the ever-important topic of accounting – a practice whereby financial information about economic entities such as businesses and corporations is recorded, measured, processed and communicated. If you’re looking to pursue a career in accounting, then this is the quiz for you! Let’s see how much you can tell us about See moreit! Good luck!
Quiz Preview
- 2.
In accounting Debit (Dr) means which side of a ledger account?
-
Left
-
Middle
-
Right
Correct Answer
A. Left -
- 3.
Assets = Liabilites - expenses
-
True
-
False
Correct Answer
A. FalseExplanation
Assets = Liabilities + Owner's EquityRate this question:
-
- 4.
When booking a Legal Fee Expense payment the correct journal entry is...
-
Credit Legal Fee Expense Debit Cash
-
Credit Cash Debit Legal Fee Expense
-
Credit Interest Expense Debit Cash
Correct Answer
A. Credit Cash Debit Legal Fee Expense -
- 5.
To increase an Asset you Debit the account?
-
True
-
False
Correct Answer
A. True -
- 6.
When booking an Interest Receipt the correct journal entry is...
-
Credit Interest Receipt Debit Cash
-
Credit Interest Receipt Debit Interest Recievable
-
Credit Cash Receipt Debit Interest Receipt
Correct Answer
A. Credit Interest Receipt Debit Cash -
Quiz Review Timeline (Updated): Mar 22, 2022 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 22, 2022Quiz Edited by
ProProfs Editorial Team -
Jul 03, 2012Quiz Created by
Ameaney
Back to top