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Accounting Rules Quiz

Authored by Manju Pillai

Education

11th Grade

Used 6+ times

Accounting Rules Quiz
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the modern accounting rules, how many categories are used to classify accounts?

Two

Three

Four

Five

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the modern accounting system, what is considered as an internal liability?

Capital

Expense

Income

Asset

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When an asset increases in the business, according to the asset rule, how should it be recorded?

No change needed

Credit

Debit

Record as an expense

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there is a decrease in liability in a business, how should it be recorded based on the liability rule?

Record as an income

No change needed

Credit

Debit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should be done if there is an increase in income according to the income rule?

Credit

No change needed

Debit

Record as an expense

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the double entry system of accounting, what does each transaction involve recording?

Only the give aspect

Only the take aspect

Both the give and take aspects

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an expense increases in a business, how should it be recorded based on the expense rule?

Debit

Record as an asset

Credit

No change needed

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