Basic Accounting

6 Questions
Basic Accounting Quizzes & Trivia

A short quiz to test your understanding of our Master Feeder Fund lesson.

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Questions and Answers
  • 1. 
    Debits and Credits are a part of double entry bookkeeping?
    • A. 

      True

    • B. 

      False

  • 2. 
    In accounting Debit (Dr) means which side of a ledger account?
    • A. 

      Left

    • B. 

      Middle

    • C. 

      Right

  • 3. 
    Assets = Liabilites - expenses
    • A. 

      True

    • B. 

      False

  • 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

  • 5. 
    To increase an Asset you Debit the account?
    • A. 

      True

    • B. 

      False

  • 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