ACC Chapter 4 Quiz

ACC Chapter 4 Quiz

11th Grade

16 Qs

quiz-placeholder

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ACC Chapter 4 Quiz

ACC Chapter 4 Quiz

Assessment

Quiz

Business

11th Grade

Medium

Created by

William Sing

Used 4+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two sides used in double-entry bookkeeping to record every transaction?

Debit and credit
Cash and loan payable
Assets and liabilities
Income and expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is double-entry bookkeeping important?

It helps businesses know their financial health.
It records each transaction in at least two accounts.
It keeps track of incoming and outgoing cash.
It is simpler and used by smaller businesses.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of bookkeeping is more accurate and used by bigger businesses?

Single-entry bookkeeping
Double-entry bookkeeping
Journal entry bookkeeping
Financial statement bookkeeping

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the rules of debit and credit in accounting?

To keep track of financial transactions
To determine the normal balance of each account type
To ensure that the accounting equation remains balanced
To record transactions using the double-entry procedure

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which side of the T-account represents debits?

Left side
Right side
Top side
Bottom side

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the normal balance for liabilities?

Credit
Debit
Neither credit nor debit
Both credit and debit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the concept of normal balance in accounting relate to the rules of debit and credit?

The concept of normal balance determines which side of the T-account represents debits and credits.
The concept of normal balance helps accountants keep track of financial transactions.
The concept of normal balance ensures that the accounting equation remains balanced.
The concept of normal balance determines whether an account has an abnormal balance.

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