Quiz: Principles Of Double Entry Bookkeeping Part 2
11 Questions
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Before attempting this short quiz you should have watched the video "Principles of Double Entry Bookkeeping Part 2"You are allowed 30 minutes to complete the quiz. Good Luck!
Questions and Answers
- 1.Payment of insurance through the bank involves entries in two accounts
- A.
Insurance Account
- B.
Petty Cash Account
- C.
Bank Account
- D.
Rent Account
- 2.Double-entry involves _________ entries.
- 3.
- A.
Rent Paid Account
- B.
Office Expenses Account
- C.
Insurance Account
- D.
Rent Received Account
- 4.A double-entry account has two sides a debit side and a ________ side.
- 5.The debit side is on the right of the double entry account.
- A.
True
- B.
False
- 6.The account is always headed up with its name.
- A.
True
- B.
False
- 7.The frormat of a double entry account is similar to the letter ___ and is often called a ___ acount.
- 8.The DEBIT entry is always recorded on the _____ hand side.
- A.
Left
- B.
Right
- C.
Middle
- 9.Bank account in the accounting system of a business can be thought of as a '______ ______-' of the bank account held at the bank.
- 10.When using double-entry accounting you must ignore the way banks refer to debits and credits.
- A.
True
- B.
False
- 11.An example of payments into the bank account is:
- A.
Insurance
- B.
Sales
- C.
Wages
- D.
Electricity
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