Double Entry Principle

Double Entry Principle

9th - 11th Grade

12 Qs

quiz-placeholder

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Double Entry Principle

Double Entry Principle

Assessment

Quiz

Business

9th - 11th Grade

Medium

Created by

Makeda Boyce

Used 59+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An asset account is increased with a...

Credit

Debit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Equipment is sold for cash

Assets increase and decrease

Assets and Liabilties Increase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease to accounts payable is a

Debit

Credit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The right hand side of a "T" account is called

Debit

Credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

False

True

6.

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business purchases equipment cash. In which account is the debit entry made? 

Cash

Equipment

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