Accounting Equation and Double Entry System Quiz
Authored by JAYPEE BIGNO
Other
University
Used 1+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental accounting equation?
ASSETS = LIABILITIES + OWNERS' EQUITY
ASSETS + LIABILITIES = OWNERS' EQUITY
LIABILITIES = ASSETS - OWNERS' EQUITY
OWNERS' EQUITY = ASSETS + LIABILITIES
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a T-account, which side represents a debit?
Left side
Right side
Top side
Bottom side
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of Assets?
Credit
Debit
Neutral effect
Decreases it
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following accounts typically has a credit balance?
Assets
Expenses
Liabilities
Dividends
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a credit on a liability account?
Transfers it
Increases it
Decreases it
No effect
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of the basic accounting equation?
Assets
Owners' Equity
Expenses
Liabilities
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If an expense account is increased, what is the effect on capital?
Transfers capital
Increases capital
No effect on capital
Decreases capital
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Classlink
Continue with Clever
or continue with
Microsoft
%20(1).png)
Apple
Others
Already have an account?
