debits and credits in accounting quiz

Quiz 22: Debits and Credits in Accounting Quiz

Test your knowledge of double entry bookkeeping with our online debits and credits in accounting quiz.

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1. A business buys equipment for cash,what is the posting to the cash account?
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2. A business sells goods on credit to a customer. What is the posting to the accounts receivable account?
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3. Raw materials are purchased by a business on credit from a supplier, what is the posting to the cash account?
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4. Raw materials are issued from inventory to a production department, what is the entry to the work in progress inventory?
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5. Finished goods are transferred from work in progress to finished goods inventory, what is the posting to work in progress?
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6. Finished goods are sold during the accounting period, what is the entry to cost of goods sold??
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7. The business pays wages in cash, what is the posting to the wages account?
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8. Cash is collected from an account customer, what is the posting to accounts payable?
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9. The business pays a supplier for goods received on account, what is the posting to the accounts payable account?
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10. Capital is paid into the business by the owner, what is the posting to the capital account?
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Right!

Try Another Double Entry Bookkeeping Quiz

The debits and credits in 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 December 6th, 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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