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Activity 11 - Understanding Debit and Credit Rules

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

What is a personal account?

a)

An account related to assets and properties

b)

An account related to individuals, firms, and companies

c)

An account related to expenses and losses

2.

What is a real account?

a)

An account related to individuals, firms, and companies

b)

An account related to assets and properties

c)

An account related to expenses and losses

3.

What is a nominal account?

a)

An account related to assets and properties

b)

An account related to individuals, firms, and companies

c)

An account related to expenses and losses

4.

What is the golden rule for personal accounts?

a)

Debit the receiver, credit the giver

b)

Debit what comes in, credit what goes out

c)

Debit all expenses and losses, credit all incomes and gains

5.

What is the golden rule for real accounts?

a)

Debit the receiver, credit the giver

b)

Debit what comes in, credit what goes out

c)

Debit all expenses and losses, credit all incomes and gains

6.

What is the golden rule for nominal accounts?

a)

Debit the receiver, credit the giver

b)

Debit what comes in, credit what goes out

c)

Debit all expenses and losses, credit all incomes and gains

7.

Which account type would you use for recording a loan from a bank?

a)

Personal account

b)

Real account

c)

Nominal account

8.

Which account type would you use for recording office furniture?

a)

Personal account

b)

Real account

c)

Nominal account

9.

Which account type would you use for recording salary expenses?

a)

Personal account

b)

Real account

c)

Nominal account

10.

When you receive cash, which account is debited?

a)

Cash account

b)

Bank account

c)

Expense account

11.

When you pay rent, which account is credited?

a)

Rent account

b)

Cash account

c)

Bank account

12.

When you sell goods on credit, which account is debited?

a)

Sales account

b)

Cash account

c)

Debtor's account

13.

When you purchase goods for cash, which account is credited?

a)

Purchases account

b)

Cash account

c)

Creditor's account

14.

What is the rule for debiting in a personal account?

a)

Debit the receiver

b)

Debit what comes in

c)

Debit all expenses and losses

15.

What is the rule for crediting in a real account?

a)

Credit the giver

b)

Credit what goes out

c)

Credit all incomes and gains

16.

What is the rule for debiting in a nominal account?

a)

Debit the receiver

b)

Debit what comes in

c)

Debit all expenses and losses

17.

Which account is credited when you receive interest income?

a)

Interest income account

b)

Cash account

c)

Bank account

18.

Which account is debited when you pay for utilities?

a)

Utilities expense account

b)

Cash account

c)

Bank account

19.

Which account is credited when you issue shares?

a)

Share capital account

b)

Cash account

c)

Bank account

20.

Which account is debited when you purchase a vehicle?

a)

Vehicle account

b)

Cash account

c)

Bank account

21.

Which account is credited when you repay a loan?

a)

Loan account

b)

Cash account

c)

Bank account

22.

Which account is debited when you receive a refund?

a)

Refund account

b)

Cash account

c)

Bank account

23.

Which account is credited when you pay dividends?

a)

Dividend account

b)

Cash account

c)

Bank account

24.

Which account is debited when you incur a loss?

a)

Loss account

b)

Cash account

c)

Bank account

25.

Which account is credited when you receive a donation?

a)

Donation account

b)

Cash account

c)

Bank account

26.

Which account is debited when you pay for advertising?

a)

Advertising expense account

b)

Cash account

c)

Bank account

27.

Which account is credited when you sell an asset?

a)

Asset account

b)

Cash account

c)

Bank account

28.

Which account is debited when you receive a cheque?

a)

Cheque account

b)

Cash account

c)

Bank account

29.

Which account is credited when you pay for insurance?

a)

Insurance expense account

b)

Cash account

c)

Bank account

30.

Which account is debited when you receive a loan?

a)

Loan account

b)

Cash account

c)

Bank account

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