Accounting Basics Quiz

Posting is the process of transferring totals from subsidiary journals to the General Ledger.

• TRUE

• FALSE

The Balance Sheet shows only the assets and liabilities of a business.

• TRUE

• FALSE

In a T account, the left-hand side is called the credit side.

• TRUE

• FALSE

After posting to the General Ledger, the debit and credit sides must be equal.

• TRUE

• FALSE

The Nominal Accounts section consists only of asset accounts.

• TRUE

• FALSE

The opening balances in the General Ledger must always be on the plus side of the account.

• TRUE

• FALSE

The rule of DEAD (Debit Expenses, Assets, and Drawings) means these accounts have credit balances

• TRUE

• FALSE

When posting to the CRJ, debit bank and credit all other accounts.

• TRUE

• FALSE

Which accounts are found in the Nominal Accounts section?

• Assets and Liabilities

• Income and Expenses

• Capital and Drawings

Which of the following accounts is credited when an owner makes a loan?

• Liabilities

• Capital

• Assets