Understanding Bookkeeping Basics

Understanding Bookkeeping Basics

9th Grade

20 Qs

quiz-placeholder

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Understanding Bookkeeping Basics

Understanding Bookkeeping Basics

Assessment

Quiz

Other

9th Grade

Practice Problem

Hard

Created by

Mxolisi Ndlovu

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of double-entry bookkeeping?

To record transactions in a single account

To ensure that the accounting equation remains balanced

To simplify financial reporting

To track cash flow only

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In double-entry bookkeeping, what does a debit entry typically represent?

An increase in liabilities

A decrease in assets

An increase in assets

A decrease in expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about credits in double-entry bookkeeping?

Credits always increase asset accounts

Credits always decrease liability accounts

Credits increase liability and equity accounts

Credits decrease revenue accounts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation that double-entry bookkeeping is based on?

Assets = Liabilities + Revenue

Assets = Liabilities + Equity

Assets = Expenses + Equity

Assets = Liabilities - Equity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a company purchases equipment for £500 using cash, how would this transaction be recorded?

Debit Equipment £500, Credit Cash £500

Debit Cash £500, Credit Equipment £500

Debit Equipment £500, Credit Revenue £500

Debit Cash £500, Credit Liabilities £500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account is typically debited when a company receives cash from a customer?

Accounts Receivable

Cash

Revenue

Accounts Payable

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the equity account when a company earns revenue?

It decreases

It remains unchanged

It increases

It is debited

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