Double Entry Accounting Trivia Quiz!

12 Questions | Total Attempts: 2073

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Double Entry Accounting Trivia Quiz! - Quiz

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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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