Debit And Credit Trivia Questions! Financial Accounting Quiz

10 Questions

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Debit And Credit Trivia Questions! Financial Accounting Quiz

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Questions and Answers
  • 1. 
    A business pays a supplier 100 in cash, which account does it credit?
    • A. 

      Bank

    • B. 

      Cash

    • C. 

      Supplier

    • D. 

      Accounts Payable

  • 2. 
    A business buys new plant and machinery from a supplier who gives 30 days credit. Which account should the business debit?
    • A. 

      Fixed Asset

    • B. 

      Cash

    • C. 

      Supplier

    • D. 

      Credit

  • 3. 
    Goods are bought on credit for 300, is the entry to the purchases account debit or a credit?
    • A. 

      Debit

    • B. 

      Credit

    • C. 

      Both Debit and credit

    • D. 

      None of the above

  • 4. 
    Cash is introduced to a business by the owner as equity. Which account does the credit entry go to?
    • A. 

      Loan

    • B. 

      Advance

    • C. 

      Deposit

    • D. 

      Capital

  • 5. 
    A friend of the owner lends the business 1,000. Which account is credit entry made to?
    • A. 

      Cash

    • B. 

      Receivable

    • C. 

      Payable

    • D. 

      Need more options

  • 6. 
    The business has a loan of 10,000 from a bank. loan payable is  ?
    • A. 

      Asset

    • B. 

      Capital

    • C. 

      Liability

    • D. 

      Expense

  • 7. 
    The business owes a supplier 500 for goods purchased and received. the amount owed to the supplier is
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Cash

    • D. 

      Debit

  • 8. 
    In double entry bookkeeping debit means?
    • A. 

      Right

    • B. 

      Left

  • 9. 
    In double entry bookkeeping every transaction affects how many accounts?
    • A. 

      One

    • B. 

      Two

    • C. 

      Three

    • D. 

      Four

  • 10. 
     What type of entry is posted to the cash account for cash received?
    • A. 

      Debit

    • B. 

      Credit