Basic Accounting
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 it! Good luck!
- 1.
Debits and Credits are a part of double entry bookkeeping?
- A.
True
- B.
False
Correct Answer
A. True -
- 2.
In accounting Debit (Dr) means which side of a ledger account?
- A.
Left
- B.
Middle
- C.
Right
Correct Answer
A. Left -
- 3.
Assets = Liabilites - expenses
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Assets = Liabilities + Owner's EquityRate this question:
-
- 4.
When booking a Legal Fee Expense payment the correct journal entry is...
- A.
Credit Legal Fee Expense Debit Cash
- B.
Credit Cash Debit Legal Fee Expense
- C.
Credit Interest Expense Debit Cash
Correct Answer
B. Credit Cash Debit Legal Fee Expense -
- 5.
To increase an Asset you Debit the account?
- A.
True
- B.
False
Correct Answer
A. True -
- 6.
When booking an Interest Receipt the correct journal entry is...
- A.
Credit Interest Receipt Debit Cash
- B.
Credit Interest Receipt Debit Interest Recievable
- C.
Credit Cash Receipt Debit Interest Receipt
Correct Answer
A. Credit Interest Receipt Debit Cash -
Quiz Review Timeline +
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 -
Jul 03, 2012Quiz Created by
Ameaney
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