Accounting Quiz

To increase the balance in the following accounts, would you debit the account or would you credit the account?

• Debit

• Credit

To decrease the balance in the following accounts, would you debit the account or would you credit the account?

• Debit

• Credit

Should the $500 entry to the Cash account be a debit?

• Yes

• No

In September when the company receives the $2,000 from the customer, which account should the company debit?

• Cash

• Accounts Receivable

• Service Revenue

In September when the company receives the $2,000 from the customer, which account should the company credit?

• Cash

• Accounts Receivable

• Service Revenue

A contra-asset account such as Accumulated Depreciation will likely have which balance?

• Debit

• Credit

Generally when revenues are involved in a transaction, a revenue account will be __________.

• Debited

• Credited

Generally when an expense is involved in a transaction, an expense account will be __________.

• Debited

• Credited

Should the $500 entry to Mary Smith, Capital be a debit?

• Yes

• No

The accountant's word to indicate that an entry will be recorded on the left side of an account is __________.

• Debit

• Credit