
Understanding Double Entry Accounting
Quiz
•
Business
•
10th Grade
•
Practice Problem
•
Hard
Linda Shiaw
Used 1+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of double entry accounting?
To ensure that all transactions are recorded twice for accuracy
To provide a complete record of all transactions by recording both debit and credit entries
To simplify the accounting process by using a single entry system
To reduce the number of accounts needed in the ledger
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double entry accounting, what does a debit entry typically signify?
An increase in liabilities
An increase in assets
A decrease in expenses
A decrease in revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a credit entry on an expense account?
It increases the expense
It decreases the expense
It has no effect
It transfers the expense to a liability
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary rule for recording transactions in double entry accounting?
Every transaction must be recorded in at least two accounts
Every transaction must be recorded in a single account
Transactions should only be recorded if they involve cash
Transactions should be recorded at the end of the financial year
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a debit entry on a liability account?
It increases the liability
It decreases the liability
It has no effect
It transfers the liability to an asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double entry accounting, what does a credit entry typically signify?
An increase in assets
An increase in liabilities
A decrease in equity
A decrease in revenue
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a fundamental accounting equation?
Revenue = Expenses + Profit
Assets = Liabilities + Equity
Cash = Revenue - Expenses
Liabilities = Assets - Equity
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