Double Entry Bookkeeping

9 Questions
Bookkeeping Quizzes & Trivia

Take the quiz to see if you understand the basics of double entry bookkeeping

Sample Question

What is the transaction?

Purchase

Deposit

Bank error

Number of Questions:

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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