Appling the Rules of Debit & Credit

Appling the Rules of Debit & Credit

Chapters 4,5,6

Multiple Choice

What is the purpose of the Double-Entry System?

• It used to analyze and record a transaction in ONE T-account.

• It used to analyze and record a transaction in TWO T-accounts.

• It used to analyze and record a transaction in THREE T-accounts.

Multiple Select

What are the different examples of Assets?

• Accounts Receivable

• Accounts Payable

• Cash in Bank

• Delivery Equipment

Open Ended

An owner transfers a desk to his business, what are the TWO affected accounts?

Multiple Choice

The Debit side of the T-account is the:

• Right side

• Left side

Multiple Choice

On which side of the Salaries Expense T-account shall we record the balance?

• Debit (Left side)

• Credit (Right side)

Multiple Choice

On which side of the Products Revenues T-account shall we record the balance?

• Debit (Left side)

• Credit (Right side)

Multiple Choice

On which side of the Accounts Receivable T-account shall we record the balance AFTER our money has been finally received?

• Debit (Left side)

• Credit (Right side)

Multiple Select

Check the TWO correct boxes:-

Paid Dhs. 500 for the truck purchased on account.

• Delivery Equipment +500

• Cash in Bank -500

• Accounts Payable -500

• Cash in Bank +500

• Accounts Payable +500

Multiple Choice

This is an example of a company's Fiscal Year:

1st of Jan. 2019 - 31st. of Jan. 2019

• True

• False

Multiple Choice

This is an example of a company's Calendar Year:

1st of Jan. 2019 - 31st. of Jan. 2019

• True

• False

Open Ended

Write one example of a company's Fiscal Year: