Recording of accounting operations quiz

Double Entry Accounting Quiz

Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 10

Debits :

decrease both assets and liabilities

increase assets and decrease liabilities

increase both assets and liabilities

decrease assets and increase liabilities

2 / 10

A revenue account :

is decreased by credits

is increased by debits

is increased by credits

has a normal balance of a debit

3 / 10

Which of the following isnotpart of the recording process ?

Posting transactions

Entering transactions in a journal

Analyzing transactions

Preparing a trial balance

4 / 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

5 / 10

Accounts that normally have debit balances are :

assets, expenses, and revenues

assets, liabilities, and owner’s drawings

assets, owner’s drawings, and expenses

assets, expenses, and owner’s capital

6 / 10

Which of the following statements about a journal isfalse?

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

It is not a book of original entry

7 / 10

Which of the following statements about an account istrue?

In its simplest form, an account consists of two parts

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

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

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

8 / 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 :

$35,000

$10,000

$15,000

Cannot be determined

9 / 10

A ledger :

contains only asset and liability accounts

should show accounts in alphabetical order

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

is a book of original entry

10 / 10

The purchase of supplies on account should result in :

a debit to Supplies and a credit to Accounts Payable

a debit to Supplies and a credit to Accounts Receivable

a debit to Supplies Expense and a credit to Cash

a debit to Supplies Expense and a credit to Accounts Payable

Your score is

Question topics

Debits and credits

The Journal –The Ledger – Posting

Chart of accounts –The trial balance