classification accounts and double entry system
Quiz
•
Other
•
12th Grade
•
Practice Problem
•
Medium
Saktien Adelina
Used 4+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Assets and liabilities are classified as real accounts.
True
False
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Every transaction affects at least two accounts in the double-entry system.
True
False
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The rule for nominal accounts is: Debit the giver, Credit the receiver.
True
False
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Revenue increases are recorded on the debit side.
True
False
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The purchase of inventory on credit increases liabilities.
True
False
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Accounts receivable is classified as a liability.
True
False
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The double entry system ensures the accounting equation is always balanced.
True
False
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