Double Entry Bookkeeping
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In double entry bookkeeping what happens to the bank account?
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It is credited
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It goes into overdraft
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The bank manager takes the money
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Take the quiz to see if you understand the basics of double entry bookkeeping
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- 2.
What is the transaction?
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Purchase
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Deposit
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Bank error
Correct Answer
A. PurchaseExplanation
The transaction is a purchase because Peter is buying stationeryRate this question:
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- 3.
Where did the money come from?
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The shop assistant
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Stationery Store
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Peter's bank card
Correct Answer
A. Peter's bank cardExplanation
Peter paid for the stationery with his bank card. He did not use the money belonging to Stationery Store or the shop assistant!Rate this question:
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- 4.
Will the amount be debited or credited?
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Neither
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Both
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Peter knows
Correct Answer
A. BothExplanation
The amount has to be debited to one account and credited to another account so that the books balanceRate this question:
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- 5.
In double-entry bookkeeping what happens to the stationery account?
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It is closed
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It is debited
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It is used up
Correct Answer
A. It is debitedExplanation
The stationery account will be debited with $20. This increases the stationery expense in the books.Rate this question:
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- 6.
What is the source document?
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The bank card
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The stationery
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The receipt
Correct Answer
A. The receiptExplanation
The source document is the receipt; it proves the amount and the date of purchaseRate this question:
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- 7.
Which two ledger accounts are affected?
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Stationery Store and Peter
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Cash
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Stationery Account and Bank Account
Correct Answer
A. Stationery Account and Bank AccountExplanation
The two ledger accounts are the Stationery Account and the Bank AccountRate this question:
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- 8.
How much is the transaction?
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$100
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$2.00
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$20.00
Correct Answer
A. $20.00Explanation
Peter paid $20Rate this question:
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- 9.
Who is the other business?
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The bank
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Stationery Store
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Peter
Correct Answer
A. Stationery StoreExplanation
The other business involved in the transaction is Stationery Store.Rate this question:
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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.
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Current Version
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Mar 22, 2022Quiz Edited by
ProProfs Editorial Team -
Jun 14, 2014Quiz Created by
Sarah
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