Recording of accounting operations quiz

Double Entry Accounting Quiz

Recording of accounting operations

10 questions in 10 minutes

Pass Score 70%

1 / 10

The order of the accounts in the ledger is :

owner’s capital, assets, revenues, expenses, liabilities, owner’s drawings

assets, liabilities, owner’s capital, owner’s drawings, revenues, expenses

revenues, assets, expenses, liabilities, owner’s capital, owner’s drawings

assets, revenues, expenses, liabilities, owner’s capital, owner’s drawings

2 / 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

3 / 10

The purchase of supplies on account should result in :

a debit to Supplies and a credit to Accounts Payable

a debit to Supplies Expense 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

4 / 10

A trial balance will not balance if :

a $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45

the purchase of supplies on account is debited to Supplies and credited to Cash

a $10 cash drawing by the owner is debited to Owner’s Drawings for $100 and credited to Cash for $10

a correct journal entry is posted twice

5 / 10

Posting :

transfers ledger transaction data to the journal

is an optional step in the recording process

transfers journal entries to ledger accounts

normally occurs before journalizing

6 / 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

$10,000

$35,000

$15,000

7 / 10

Which of the following statements about an account istrue?

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

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

In its simplest form, an account consists of two parts

8 / 10

Debits :

decrease assets and increase liabilities

increase assets and decrease liabilities

decrease both assets and liabilities

increase both assets and liabilities

9 / 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

10 / 10

A trial balance :

will not balance if a correct journal entry is posted twice

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

proves the mathematical accuracy of journalized transactions

proves that all transactions have been recorded

Your score is

Question topics

Debits and credits

The Journal –The Ledger – Posting

Chart of accounts –The trial balance