Double Entry System Quiz
Authored by Melissa Mae
Other
11th - 12th Grade
Used 156+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Every transaction must have at least ONE Debit and ONE Credit entry.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total of the debit values recorded must equal the total of the credit values recorded.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land & Building is one of Non Current Liabilities.
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discount received is one of examples of
Expenses
Revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decrease to Accounts Payable is a
debit
credit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An asset account is increased with a _________.
debit
credit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase to Utilities Expense is a ____________.
debit
credit
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