debit credit accounting quiz

Quiz 37: Debit Credit In Accounting Quiz

Debit Credit In Accounting Quiz

Test your knowledge of double entry bookkeeping with our online debit credit in accounting quiz.

If you need a refresher course on this topic you can view our basics of bookkeeping tutorials here.

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

1. A fixed asset is disposed of for cash. What type of entry is made on the fixed assets account?
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Wrong
Right!
2. A business makes cash purchases. What type of entry is made to the cash account?
Right!
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3. A business signs a contract with a new employee. What type of entry is made to the wages account.
Wrong
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Wrong

 

4. Wages of 1,500 are paid to an employee. What type of entry is made to the wages account?
Wrong
Wrong
Right!
5. Goods are sold on account to a customer. What type of entry is made to accounts receivable?
Wrong
Wrong
Right!
6. Commission is earned by a business. What type of entry is made to the commissions earned account?
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7. Discounts are allowed to a customer. What type of entry is made to the discounts allowed account?
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8. Inventory is are purchased on account from a supplier. What type of entry is made on the accounts payable account?
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9. Goods are sold for cash. What type of entry is made on the accounts receivable account?
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10. A business owner injects cash into a business. What type of entry is made to the cash account?
Wrong
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Wrong

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Last modified November 14th, 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 and has built financial models for 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 degree from Loughborough University.

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