Quiz 65: Accounting Transactions

Test your knowledge of double entry bookkeeping with our accounting transactions quiz.

In order to correctly enter transactions in the bookkeeping records it is necessary to be able to identify the effect of each transaction on the assets, liabilities and equity of the business.

Not Ready for the Quiz?

If you need a refresher course on accounting transactions take a look at our tutorials on accounting transaction analysis and the accounting equation tutorials.

Start the Accounting Transactions Quiz

Identify how each of the following transactions affects the assets, liabilities or equity of the business.

For each question click on an answer to reveal whether its Right! or Wrong.

1. Capital is paid into the bank by the owner?
Right!
Wrong
2. Goods are purchased on credit terms?
Wrong
Right!
3. Goods are purchased for cash?
Wrong
Right!
4. Equipment is sold for cash?
Right!
Wrong

 

5. An accounts payable is settled in cash?
Right!
Wrong

 

6. An accounts receivable is settled in cash?
Wrong
Right!

 

7. The owner takes cash for personal use?
Wrong
Right!

 

8. A liability of the business is paid by the owner from personal funds?
Wrong
Right!

 

9. Equipment is purchased using cash?
Right!
Wrong
10. Employee wages are settled in cash?
Right!
Wrong

Try Another Double Entry Bookkeeping Quiz

This accounting transactions quiz is one of many of our online quizzes which are used to test your knowledge of double entry bookkeeping, discover another at the links below.

Last modified July 16th, 2019 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years in all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.

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