
T level Finance Double Entry Bookkeeping Quiz

Quiz
•
Business
•
6th Grade
•
Medium

Anna Chaplin
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of double entry bookkeeping?
To keep personal expenses separate from business expenses
To ensure every transaction has equal debits and credits
To reduce tax liability
To track customer satisfaction
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is the basic accounting equation?
Capital + Liabilities = Assets
Revenue - Expenses = Net Profit
Assets - Liabilities = Capital
Liabilities + Expenses = Revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In double entry bookkeeping, what happens when Sara invests £20,000 into her business bank account?
Debit capital, credit bank
Debit bank, credit capital
Debit cash, credit sales
Debit expenses, credit liabilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a creditor in bookkeeping terms?
A customer who owes the business money
A supplier the business owes money to
An investor in the business
A person who makes financial forecasts
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a business purchases equipment on credit, how is the transaction recorded?
Debit equipment, credit bank
Debit bank, credit equipment
Debit equipment, credit liabilities
Debit liabilities, credit equipment
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does an increase in an asset account result in?
A credit entry
A debit entry
No entry needed
A liability entry
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which document records all invoices for credit sales?
Purchase order
Cash book
Sales journal
Petty cash book
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