
UTech FOA Double Entry System Quiz 2023
Authored by Shanique Johnson-Hall
Business
University
Used 8+ times

AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
20 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which statements are true about the double entry system?
each transaction is recorded using a minimum to two entries, a debit and a credit.
The double entry system is used to record business transactions
the double entry system requires each business transaction be recorded in two separate accounts.
the double entry system is same as the simple/single system
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the statements are incorrect?
"T" accounts are the simplest form of an account
The left hand side is called the debit side and the right hand side the credit side
"T" accounts are maintained in a ledger
The left hand side is called the credit side and the right hand side the debit side
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which side does assets increase on?
Debit
Credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owner of the business took some money for personal use. Which side of the capital account would the transaction be recorded on?
Debit
Credit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Accounting Assistant decided to bank the excess funds on hand into the business' bank account. Which is the correct double entry
Credit Bank and Debit Bank
Debit Bank and Credit Cash
Credit Cash and Debit Accounts Receivables
Debit Bank and Debit CAsh
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Identify all the correct statements
Once you are in operation you will incur expenses
Expenses are services for which you pay to attain the benefit. Same is now owned.
Expenses are increased on the credit side of the T account
Expenses are the value of economic resources used up in the process of obtaining revenues
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is a list of expenses only?
Salaries & Wages
Purchase of goods
Advertising Utilities
Rent
Salaries & Wages
Motor expenses
Rental Income
Utilities
Commission
Rent
Salaries & Wages
Utilities
Advertising
Commission
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
15 questions
Chart Patterns and Price Actions
Quiz
•
University
15 questions
Recruitment
Quiz
•
University
17 questions
Business Quiz
Quiz
•
10th Grade - University
20 questions
Corporate finance
Quiz
•
University
15 questions
Brand Management Chapter 2
Quiz
•
University
20 questions
Ergonomics and Keyboarding technique
Quiz
•
10th Grade - University
20 questions
Business Research Methods 2
Quiz
•
12th Grade - University
20 questions
Unit 07 - Maintain business records and documentation
Quiz
•
University
Popular Resources on Wayground
8 questions
Spartan Way - Classroom Responsible
Quiz
•
9th - 12th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
14 questions
Boundaries & Healthy Relationships
Lesson
•
6th - 8th Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
3 questions
Integrity and Your Health
Lesson
•
6th - 8th Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
9 questions
FOREST Perception
Lesson
•
KG
20 questions
Main Idea and Details
Quiz
•
5th Grade
Discover more resources for Business
20 questions
Disney Trivia
Quiz
•
University
7 questions
Fragments, Run-ons, and Complete Sentences
Interactive video
•
4th Grade - University
7 questions
Renewable and Nonrenewable Resources
Interactive video
•
4th Grade - University
10 questions
DNA Structure and Replication: Crash Course Biology
Interactive video
•
11th Grade - University
7 questions
Force and Motion
Interactive video
•
4th Grade - University
20 questions
Implicit vs. Explicit
Quiz
•
6th Grade - University
14 questions
Ch.3_TEACHER-led
Quiz
•
University
7 questions
Comparing Fractions
Interactive video
•
1st Grade - University