Accounting Basics Quiz - Year 9

Which of the following accounts is a real account?

• Cash

• Rent

• Capital

• Commission

Which side of an account is used to record increases in assets?

• Debit side

• Credit side

• Both sides

• None

Which side of an account is used to record increases in liabilities?

• Debit side

• Credit side

• Both sides

• None

The rule “Debit what comes in, Credit what goes out” applies to which type of account?

• Nominal account

• Real account

• Personal account

• None of these

The rule “Debit the receiver, Credit the giver” applies to which type of account?

• Real account

• Nominal account

• Personal account

• None

The rule “Debit all expenses and losses, Credit all incomes and gains” applies to which type of account?

• Nominal account

• Real account

• Personal account

• Representative account

A person who owes money to the business is known as a:

• Creditor

• Debtor

• Owner

• Lender

A person to whom the business owes money is known as a:

• Creditor

• Debtor

• Investor

• Borrower

Which of the following is an expense?

• Commission received

• Discount allowed

• Interest received

• Rent received

Which of the following is an income?

• Wages

• Salaries

• Rent received

• Stationery