Double Entry Accounting Trivia Quiz!

12 Questions | By Azlinahmdn | Last updated: Mar 21, 2022 | Total Attempts: 2073

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Double Entry Accounting Trivia Quiz! - Quiz

Questions and Answers

1.

The cash sales of RM500 to Diego were banked-in. What is double entry for this transaction?
- A.
  
  Dego Debit and Credit Sales Account
- B.
  
  Bank Account Debit and Credit Dego
- C.
  
  Dego and Credit Debit Cash Account
- D.
  
  Bank Account Debit and Credit Sales Account
2.

The normal balance of an asset is ____ while the normal balance of liability is credit ____
- A.
  
  Debit , credit
- B.
  
  Credit , credit
- C.
  
  Debit , debit
- D.
  
  Credit , debit
3.

The liabilities increase by RM7000. How is the accounting equation affected?
- A.
  
  Assets must have increased by RM 7000 or equity must have decreased by RM 7000
- B.
  
  Assets must have decreased by RM 7000
- C.
  
  Assets and equity must have each decreased by RM 3,500
- D.
  
  Owners equity must have increased by RM 7000.
4.

Double-entry accounting reflects:
- A.
  
  The accruals concept
- B.
  
  The duality concept.
- C.
  
  The matching concept.
- D.
  
  The prudence concept.
5.

A creditor account of RM 8,500 in the double-entry system represents:
- A.
  
  An item of income to the business.
- B.
  
  An asset of the business.
- C.
  
  An expense of the business.
- D.
  
  A liability of the business.
6.

Which one of the following categories of account is debited when it is increased?
- A.
  
  Revenue
- B.
  
  Purchases
- C.
  
  Sources of fund
- D.
  
  Liability
7.

Which one of the following categories of account is credited when it is increased?
- A.
  
  Revenue
- B.
  
  Purchases
- C.
  
  Asset
- D.
  
  Expenses
8.

Which one of the following categories of account is debited when it is decreased?
- A.
  
  Liabilities
- B.
  
  Expenses
- C.
  
  Purchases
- D.
  
  Expenses
9.

When an account in the asset category is decreased it is credited?
- A.
  
  True
- B.
  
  False
10.

Took goods for own use. Debit ___________ account, credit purchase account.
11.

Purchase a van and pay by cheque. Debit _______________ account, credit bank account.
12.

Give a discount to a debtor. Debit discount allowed account, credit _____________ account.

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