Free Printable ACC Chapter 4 Quiz

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ACC Chapter 4 Quiz

Total questions: 16

Worksheet time: 8mins

Name

Class

Date

What are the two sides used in double-entry bookkeeping to record every transaction?

Debit and credit

Cash and loan payable

Assets and liabilities

Income and expenses

Why is double-entry bookkeeping important?

It helps businesses know their financial health.

It records each transaction in at least two accounts.

It keeps track of incoming and outgoing cash.

It is simpler and used by smaller businesses.

Which type of bookkeeping is more accurate and used by bigger businesses?

Single-entry bookkeeping

Double-entry bookkeeping

Journal entry bookkeeping

Financial statement bookkeeping

What is the purpose of the rules of debit and credit in accounting?

To keep track of financial transactions

To determine the normal balance of each account type

To ensure that the accounting equation remains balanced

To record transactions using the double-entry procedure

Which side of the T-account represents debits?

Left side

Right side

Top side

Bottom side

What is the normal balance for liabilities?

Credit

Debit

Neither credit nor debit

Both credit and debit

How does the concept of normal balance in accounting relate to the rules of debit and credit?

The concept of normal balance determines which side of the T-account represents debits and credits.

The concept of normal balance helps accountants keep track of financial transactions.

The concept of normal balance ensures that the accounting equation remains balanced.

The concept of normal balance determines whether an account has an abnormal balance.

Why is it important for the total dollar amount of debits to equal the total dollar amount of credits in a transaction?

To ensure that the accounting equation remains balanced.

To determine the normal balance of each account type.

To record transactions using the double-entry procedure.

To keep track of financial transactions.

How does the rule 'debit the receiver and credit the giver' apply to recording transactions in accounting?

If you receive something, you debit the account; if you give something, you credit the account.

If you receive something, you credit the account; if you give something, you debit the account.

If you receive something, you increase the debit side; if you give something, you increase the credit side.

If you receive something, you decrease the debit side; if you give something, you decrease the credit side.

10.

An account’s __________________ is always on the side used to record increases to the account.

normal balance

debit

credit

double-entry accounting

11.

Accountants use the _____________________ system to analyze and record a transaction.

normal balance

debit

credit

double-entry accounting

12.

A ____________ is an entry on the left side of an account.

normal balance

debit

credit

double-entry accounting

13.

A ____________it is an entry on the right side of an account.

normal balance

debit

credit

double-entry accounting

14.

Rules for Asset Accounts: Asset accounts follow three rules of debit and credit:

The normal balance for an asset account is the increase, or the debit side. The normal balance side is shaded in the following T account.

An asset account is increased (+) on the debit side (left side).

An asset account is decreased (-) on the credit side (right side).

Liability and owner’s capital accounts are increased on the credit (right) side.

Liability and owner’s capital accounts are decreased on the debit (left) side.

15.

Rules for Liability and Owner’s Capital Accounts.

Liability and owner’s capital accounts are increased on the credit (right) side.

Liability and owner’s capital accounts are decreased on the debit (left) side.

The normal balance for liability and owner’s capital accounts is the increase, or the credit side.

The normal balance for an asset account is the increase, or the debit side. The normal balance side is shaded in the following T account.

An asset account is increased (+) on the debit side (left side).

16.

Name the three basic parts of a T account.

A debit side on the left.

The main accounting record of a company or organization.

A credit side on the right.

recording all of the transactions of a business.

An account title at the top horizontal line.

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ACC Chapter 4 Quiz

Total questions: 16

Worksheet time: 8mins

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