Debit and Credits in accounting

Debit and Credits in accounting

10th Grade

35 Qs

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Debit and Credits in accounting

Debit and Credits in accounting

Assessment

Quiz

Business

10th Grade

Practice Problem

Medium

Created by

Carrie Flynn

Used 3+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which side of a T-account is the debit side?

Left

Right

Top

Bottom

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What is the normal balance of an asset account?

Credit

Debit

Both

Neither

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which account type has a Normal credit balance?

Asset

Expense

Liability

Drawing

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

In accounting, which scenario would a "credit" be the correct transaction?

Increase in assets

Decrease in liabilities

Increase in liabilities or equity

Decrease in revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following accounts is increased by a debit entry?

Revenue

Liability

Asset

Capital

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

What is the effect of a credit entry on an asset account?

Increases the account

Decreases the account

No effect

Doubles the account

7.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is NOT a type of account in accounting?

Asset

Liability

Revenue

Transaction

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