Principles Of Double Entry Bookkeeping Quiz
10 Questions
| Attempts: 10540
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How well do you understand bookkeeping in accounting? To test this, we have made the principles of a double-entry bookkeeping quiz for you. Bookkeeping is known as the process of keeping your company's financial transactions in organized accounts on a regular basis. It can also mean the different recording techniques that businesses can use. These questions will test you and provide you with even more knowledge on the same. Let's go!
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.
- A.
One
- B.
Two
- C.
Three
- D.
Four
- 3.Receipt of rent paid by a tenant involves entries in the bank account and the
- A.
Rent Paid Account
- B.
Office Expenses Account
- C.
Insurance Account
- D.
Rent Received Account
- 4.The format of a double entry account is similar to the letter ___ and is often called a ___ account.
- A.
S
- B.
H
- C.
P
- D.
T
- 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 DEBIT entry is always recorded on the _____ hand side.
- A.
Left
- B.
Right
- C.
Middle
- D.
None of these
- 8.When using double-entry accounting, you must ignore the way banks refer to debits and credits.
- A.
True
- B.
False
- 9.An example of payments into the bank account is:
- A.
Insurance
- B.
Sales
- C.
Wages
- D.
Electricity
- 10.A bank account in the accounting system of a business can be thought of as a '______ ______-' of the bank account held at the bank.
- A.
Mirror image
- B.
Clear image
- C.
Both
- D.
None
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