Double Entry Quiz

Where will a phone bill be included?

• Profit & Loss

• Balance Sheet

Money in the bank account on the balance sheet will be included on which side?

• Debit

• Credit

Rent received will be included where?

• Balance Sheet

• Profit & Loss

Where will rent payable be recorded and on what side

• Profit & Loss

• Balance Sheet

• Debit

• Credit

A van for a hardware store will be recorded in the.......

• Balance Sheet

• Profit & Loss

Motor Expenses recorded in the Profit & Loss will be on what side

• Debit

• Credit

Where will bank fees be recorded?

• Profit & Loss

• Balance Sheet

Are wages classed as income or an expense?

• Income

• Expense

Which item is not a balance sheet item

• Asset

• Expenses

• Liabilities

VAT owed to Revenue should be recorded where in the Balance Sheet

• Assets

• Liabilities