Double Entry Bookkeeping
9 Questions
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Take the quiz to see if you understand the basics of double entry bookkeeping
Questions and Answers
- 1.What is the transaction?
- A.
Purchase
- B.
Deposit
- C.
Bank error
- 2.How much is the transaction?
- A.
$100
- B.
$2.00
- C.
$20.00
- 3.Who is the other business?
- A.
The bank
- B.
Stationery Store
- C.
Peter
- 4.Where did the money come from?
- A.
The shop assistant
- B.
Stationery Store
- C.
Peter's bank card
- 5.What is the source document?
- A.
The bank card
- B.
The stationery
- C.
The receipt
- 6.Will the amount be debited or credited?
- A.
Neither
- B.
Both
- C.
Peter knows
- 7.Which two ledger accounts are affected?
- A.
Stationery Store and Peter
- B.
Cash
- C.
Stationery Account and Bank Account
- 8.In double-entry bookkeeping what happens to the stationery account?
- A.
It is closed
- B.
It is debited
- C.
It is used up
- 9.In double entry bookkeeping what happens to the bank account?
- A.
It is credited
- B.
It goes into overdraft
- C.
The bank manager takes the money
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