Recording of accounting operations quiz

Financial Accounting Quiz

On Mar 9, 2026

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Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 10

The expanded accounting equation is :

Assets = Liabilities + Owner’s Capital - Owner’s Drawings + Revenues - Expenses

Assets = Liabilities + Owner’s Capital + Owner’s Drawings + Revenues - Expenses

Assets = Liabilities - Owner’s Capital - Owner’s Drawings - Revenues - Expenses

Assets + Liabilities = Owner’s Capital + Owner’s Drawings + Revenues + Expenses

2 / 10

Which of the following statements about an account is true?

There are separate accounts for specifc assets and liabilities but only one account for owner’s equity items

The left side of an account is the credit or decrease side

In its simplest form, an account consists of two parts

An account is an individual accounting record of increases and decreases in specific asset, liability, and owner’s equity items

3 / 10

A revenue account :

is increased by credits

is increased by debits

is decreased by credits

has a normal balance of a debit

4 / 10

Which of the following statements about a journal is false ?

It is not a book of original entry

It helps to locate errors because the debit and credit amounts for each entry can be readily compared

It provides a chronological record of transactions

It discloses in one place the complete effect of a transaction

5 / 10

Before posting a payment of $10,000, the Accounts Payable of the Company had a normal balance of $25,000. The balance after posting this transaction was :

Cannot be determined

$15,000

$35,000

$10,000

6 / 10

A ledger :

should show accounts in alphabetical order

contains only asset and liability accounts

is a collection of the entire group of accounts maintained by a company

is a book of original entry

7 / 10

Debits :

increase assets and decrease liabilities

decrease both assets and liabilities

increase both assets and liabilities

decrease assets and increase liabilities

8 / 10

A trial balance :

will not balance if a correct journal entry is posted twice

proves that all transactions have been recorded

proves the mathematical accuracy of journalized transactions

is a list of accounts with their balances at a given time

9 / 10

Which of the following is not part of the recording process ?

Analyzing transactions

Entering transactions in a journal

Posting transactions

Preparing a trial balance

10 / 10

The purchase of supplies on account should result in :

a debit to Supplies and a credit to Accounts Receivable

a debit to Supplies Expense and a credit to Accounts Payable

a debit to Supplies and a credit to Accounts Payable

a debit to Supplies Expense and a credit to Cash

Your score is

Question topics

Debits and credits

The Journal –The Ledger – Posting

Chart of accounts –The trial balance