DOUBLE ENTRY SYSTEM
Quiz
•
Business
•
9th Grade
•
Practice Problem
•
Medium

Shakelia Nicholls
Used 81+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business is started with the injection of 10,000 in cash. In which account is the credit entry made?
Cash
Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business purchases equipment cash. In which account is the debit entry made?
Equipment
Supplies
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business owner withdraws cash of 1,000 from the business. In which account is the debit entry made?
Drawings Account
Cash
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A supplier is paid 500 by cheque, is the cash account debited or credited?
Credited
Debited
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A customer paid a loan of $400 using a direct transfer from the bank, do you debit or credit the loan account?
Debit
Credit
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Is a bank loan an asset or a liability?
Asset
Liability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business is started with 5,000 cash from the owner paid into the bank account. Which account is credited?
Cash
Capital
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