Chapter 2 Double Entry Concept

29 Questions | Total Attempts: 94

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Chapter 2 Double Entry Concept

This quiz will help you enchance your understanding of Chapter 2 Double Entry Concept.


Questions and Answers
  • 1. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Bank Overdraft:  ________  
  • 2. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Motor Vehicle:  ________  
  • 3. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Inventory:  ________  
  • 4. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Sales:  ________  
  • 5. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Purchases:  ________  
  • 6. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Drawings:  ________  
  • 7. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Sales Returns:  ________  
  • 8. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Rent Expense:  ________  
  • 9. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense. Interest income:  ________  
  • 10. 
    Classify the Item as Asset, Liability, Owner's Equity, Revenue or Expense.  Bank Loan:  ________  
  • 11. 
    Choose whether the account is a debit or credit in nature.  Trade Debtors  
    • A. 

      Debit

    • B. 

      Credit

  • 12. 
    Choose whether the account is a debit or credit in nature.  Capital
    • A. 

      Debit

    • B. 

      Credit

  • 13. 
    Choose whether the account is a debit or credit in nature.  Drawings  
    • A. 

      Debit

    • B. 

      Credit

  • 14. 
    Choose whether the account is a debit or credit in nature.  Bank Overdraft  
    • A. 

      Debit

    • B. 

      Credit

  • 15. 
    Choose whether the account is a debit or credit in nature.  Note receivable  
    • A. 

      Debit

    • B. 

      Credit

  • 16. 
    Choose whether the account is a debit or credit in nature.  Sales  
    • A. 

      Debit

    • B. 

      Credit

  • 17. 
    Choose whether the account is a debit or credit in nature.  Purchase Returns  
    • A. 

      Debit

    • B. 

      Credit

  • 18. 
    Choose whether the account is a debit or credit in nature.  Interest expense  
    • A. 

      Debit

    • B. 

      Credit

  • 19. 
    Choose whether the account is a debit or credit in nature.  Return Inwards  
    • A. 

      Debit

    • B. 

      Credit

  • 20. 
    Choose whether the account is a debit or credit in nature.  Commission Income  
    • A. 

      Debit

    • B. 

      Credit

  • 21. 
    State the account (accounts are like Office Equipment, Cash at Bank, Debtors, Creditors, Drawings, Sales, Purchases, Sales Returns, Purchases Returns, Rent Income or Salary Expense) that is to be debited and credited for the transaction below: Sold goods on credit to customer : Debit ____________  Credit _____________ (If the answer is Debit Debtors and Credit Sales, then type: Debtors Sales).  
  • 22. 
    State the account (accounts are like Office Equipment, Cash at Bank, Debtors, Creditors, Drawings, Sales, Purchases, Sales Returns, Purchases Returns, Rent Income or Salary Expense) that is to be debited and credited for the transaction below: Sold goods for cash : Debit ____________  Credit _____________ (If the answer is Debit Debtors and Credit Sales, then type: Debtors Sales).  
  • 23. 
    State the account (accounts are like Office Equipment, Cash at Bank, Debtors, Creditors, Drawings, Sales, Purchases, Sales Returns, Purchases Returns, Rent Income or Salary Expense) that is to be debited and credited for the transaction below: Bought office equipment with cash : Debit ____________  Credit _____________ (If the answer is Debit Debtors and Credit Sales, then type: Debtors Sales).  
  • 24. 
    State the account (accounts are like Office Equipment, Cash at Bank, Debtors, Creditors, Drawings, Sales, Purchases, Sales Returns, Purchases Returns, Rent Income or Salary Expense) that is to be debited and credited for the transaction below: Goods sold to customers which have not been paid were returned due to wrong pricing : Debit ____________  Credit _____________ (If the answer is Debit Debtors and Credit Sales, then type: Debtors Sales).  
  • 25. 
    State the account (accounts are like Office Equipment, Cash at Bank, Debtors, Creditors, Drawings, Sales, Purchases, Sales Returns, Purchases Returns, Rent Income or Salary Expense) that is to be debited and credited for the transaction below: Received rent by cheque : Debit ____________  Credit _____________ (If the answer is Debit Debtors and Credit Sales, then type: Debtors Sales).  
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