T level Finance Double Entry Bookkeeping Quiz

T level Finance Double Entry Bookkeeping Quiz

6th Grade

20 Qs

quiz-placeholder

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T level Finance Double Entry Bookkeeping Quiz

T level Finance Double Entry Bookkeeping Quiz

Assessment

Quiz

Business

6th Grade

Medium

Created by

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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