Double-Entry Bookkeeping

Double-Entry Bookkeeping

University

72 Qs

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Double-Entry Bookkeeping

Double-Entry Bookkeeping

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Elaine O'Hanlon

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72 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting equation is the basis of double-entry bookkeeping.

Assets = Liabilities + Equity

Assets = Liabilities - Equity

Assets + Liabilities = Equity

Assets - Liabilities = Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The rules of double-entry bookkeeping as they apply to assets, liabilities, equity, income, and expenses are:

Every transaction affects at least two accounts, with debits and credits always balancing.

Only assets and liabilities are recorded, not equity, income, or expenses.

Each transaction is recorded only once in the books.

Debits always increase all types of accounts.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting for basic cash transactions, credit transactions, prompt payment settlement discounts, capital expenditure, and revenue expenditure involves:

Recording, classifying, and summarizing financial transactions accurately

Ignoring settlement discounts in all cases

Treating all expenditures as capital expenditure

Recording only cash transactions and ignoring credit transactions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Record transactions in ledger accounts and balance off ledger accounts on a periodic basis.

This is a fundamental accounting process.

This is a marketing strategy.

This is a legal requirement for all businesses.

This is a method of inventory management.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Trial Balance is extracted to:

Check the arithmetical accuracy of ledger accounts

Record all business transactions

Prepare the cash flow statement

Calculate net profit directly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The accounting equation must always be true. This means that the accounting equation must return to equilibrium (assets = _______ + equity) after a transaction is recorded in the accounting records.

liabilities

revenue

expenses

capital

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Double-entry bookkeeping is the method that ensures the accounting equation returns to equilibrium after each transaction.

True

False

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