Double-entry
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This quiz will test your understanding regarding the double entry concept.
- 1.The cash sales of RM500 to Dego 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.
- 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 used. debit ___________ account, credit purchase account
- 11.Purchase a van and paid by cheque. debit _______________ account, credit bank account
- 12.Give discount to a debtor. debit discount allowed account, credit _____________ account
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