Quiz 6: Debit and Credit Quiz

Take our debit and credit quiz to check out your knowledge of debit and credit used in double entry bookkeeping.

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1.A business is started with 2,000 from the owner being deposited in the bank, which account is credited?
Wrong
Right!
2. The business buys stationary for 50. What is the entry to the stationary account?
Right!
Wrong

 

3. Inventory of 1,000 is purchased on credit from a supplier. Where is the 1,000 credited.
Right!
Wrong
4. The business sells goods for cash of 290. Whats is the entry to the cash book.
Wrong
Right!
5. A customer buys goods to the value of 1,000 on credit and takes a cash discount of 5% on early settlement. What is the amount of discount allowed?
Wrong
Right!
6. Plant and machinery is purchased for 3,000, is the entry to fixed assets a debit or a credit.
Right!
Wrong
7. Goods to the value of 500 are returned to a supplier, which account is credited.
Wrong
Right!
8. The depreciation of fixed assets is calculated to be 600, which account is credited.
Right!
Wrong
9. Insurance of 300 is paid in cash. Is the entry to the insurance account a debit or a credit?
Right!
Wrong
10. Cash of 100 is taken from the bank account and used to top up the petty cash. The entry to the bank account is a debit or credit?
Right!
Wrong

Try Another Double Entry Bookkeeping Quiz

The debit and credit quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.

Quiz 6: Debit and Credit Quiz December 14th, 2016Team

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