Double Entry System Quiz

Every transaction must have at least ONE Debit and ONE Credit entry.

• TRUE

• FALSE

The total of the debit values recorded must equal the total of the credit values recorded.

• TRUE

• FALSE

Land & Building is one of Non Current Liabilities.

• TRUE

• FALSE

Discount received is one of examples of

• Expenses

• Revenue

A decrease to Accounts Payable is a

• debit

• credit

An asset account is increased with a _________.

• debit

• credit

An increase to Utilities Expense is a ____________.

• debit

• credit

The normal balance for Building is a __________.

• debit

• credit

An increase to a revenue account is a ____________.

• debit

• credit

The Right-hand side of a "T" account is called _______.

• debit

• credit