
Double-Entry System
Authored by Kerry Rosser
Business
12th Grade
15 Questions
Used 2+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A decrease to Accounts Payable is a
debit
credit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An asset account is increased with a _________.
debit
credit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase to Accounts Receivable is a ____________.
debit
credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A payment to an Accounts Payable is a __________.
debit
credit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase to a revenue account is a ____________.
debit
credit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Income Statement
Statement of Owner's Equity
Balance Sheet
Statement of Cashflows
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the entry to record the cost price of a sales return?
Dr: Sales Returns
Dr: GST Clearing
CR: Accounts Receivable
Dr: Cost of Sales
Cr: Inventory
Dr: Inventory
Cr: Cost of Sales
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