Quiz 18: Debit Credit Accounting Quiz

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

Not Ready for the Debit Credit Accounting Quiz?

If you need a refresher course on this topic you can view our debit and credit bookkeeping examples here.

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Click on an answer to reveal whether its Right! or Wrong

1. A business purchases equipment, which account does the debit entry go to?
Wrong
Right!
Wrong
2. A business sells goods for cash, which account is the credit entry posted to?
Right!
Wrong
Wrong
3. The business purchases raw materials on account. Which account is the credit posted to?
Wrong
Right!
Wrong

 

4. The business issues raw materials to the production department. Which account is the debit entry posted to?
Wrong
Wrong
Right!
5. Finished goods are transferred from work in process to finished goods. Which account is the credit entry posted to?
Wrong
Wrong
Right!
6. The business pays wages, which account is the credit entry posted to?
Right!
Wrong
Wrong
7. The business collects cash from customers which have purchased goods on account. Which account is the credit posted to?
Wrong
Right!
Wrong
8. The business makes payments to suppliers for goods purchased on account. Which account is the debit posted to?
Right!
Wrong
Wrong
9. The business pays an insurance premium in advance for the forthcoming year. Which account is the debit posted to?
Right!
Wrong
Wrong
10. The owner of the business invests cash. Which account is the debit posted to?
Wrong
Wrong
Right!

Try Another Double Entry Bookkeeping Quiz

The debit credit accounting 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.

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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