Accounting Quiz: Are You Ready To Take This Test?

10 Questions

Settings
Please wait...
Accounting Quiz: Are You Ready To Take This Test?

.


Questions and Answers
  • 1. 
    Every transaction must affect at least how many accounts?
    • A. 

      0

    • B. 

      1

    • C. 

      2

    • D. 

      3

  • 2. 
    Every transaction must have one account that increases and one account that decreases.
    • A. 

      True

    • B. 

      False

  • 3. 
    What does DEBIT mean?
    • A. 

      Decrease

    • B. 

      Increase

    • C. 

      Right side

    • D. 

      Left side

  • 4. 
    What does CREDIT mean?
    • A. 

      Decrease

    • B. 

      Increase

    • C. 

      Right side

    • D. 

      Left side

  • 5. 
    For every transaction, the debits must equal the credits.
    • A. 

      True

    • B. 

      False

  • 6. 
    What is a ledger?
    • A. 

      A T account

    • B. 

      A group of T accounts

    • C. 

      Any financial document

    • D. 

      Another name for a trial balance

  • 7. 
    To "open the ledger", which two steps must you do?
    • A. 

      Put a name on each T account and enter their opening balances

    • B. 

      Enter the transactions into the T accounts and calculate their final balances

    • C. 

      Enter the opening balances and transactions into the T accounts

    • D. 

      Enter the opening and closing balances into the T accounts

  • 8. 
    Which 2 types of accounts have the same debit and credit rules, meaning they increase and decrease on the same sides as each other?
    • A. 

      Assets and liabilities

    • B. 

      Liabilities & owner's equity

    • C. 

      Assets and owner's equity

    • D. 

      Assets & revenue

  • 9. 
    Which of the following accounts would increase with a debit and decrease with a credit?
    • A. 

      Cash

    • B. 

      Bank Loan

    • C. 

      Capital

    • D. 

      All of the above

  • 10. 
    What is a trial balance?
    • A. 

      The same as a balance sheet

    • B. 

      A way to know you did everything correctly

    • C. 

      The check column on the side of the transaction analysis sheet

    • D. 

      A list of all accounts from the ledger with their balances