Quiz on General Rules for Debits and Credits

Quiz on General Rules for Debits and Credits

10th Grade

20 Qs

quiz-placeholder

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Quiz on General Rules for Debits and Credits

Quiz on General Rules for Debits and Credits

Assessment

Quiz

Business

10th Grade

Practice Problem

Hard

Created by

MIN KYUNG KIM

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'debit' mean in accounting?

Right side

Increase

Decrease

Left side

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the accounting equation, what must always be in balance?

Equity and dividends

Revenues and expenses

Assets and liabilities

Debits and credits

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the normal balance for an asset account?

Credit

Debit

Neutral

Variable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which account type has a normal credit balance?

Asset

Expense

Liability

Dividends

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting requirement that each transaction be recorded by an entry that has equal debits and credits called?

Single-entry procedure

Duality

Balance sheet

Equity method

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which side increases for liabilities and equity accounts?

Both sides

Right side

Neither side

Left side

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the normal balance for a revenue account?

Debit

Credit

Neutral

Variable

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