debits and credits quiz

Quiz 3: Debits and Credits Quiz

Test your knowledge of debits and credits with our online debits and credits quiz.

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If you need a refresher course on this topic you can view our debits and credits examples here.

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

1. A business pays a supplier 100 in cash, which account does it credit?
Wrong
Right!
2. A business buys new plant and machinery from a supplier who gives 30 days credit. Which account should the business debit?
Right!
Wrong

 

3. A business buys goods on credit for 300, is the entry to the purchases account a debit or a credit?
Right!
Wrong

 

4. Cash is introduced to a business by the owner as equity. Which account does the credit entry go to?
Wrong
Right!

 

5. A friend of the owner lends the business 1,000. Which account is credit entry made to?
Wrong
Right!

 

6. A customer pays a sales invoice for 500 in cash, what entry is made to the sales ledger (accounts receivable) control?
Right!
Wrong

 

7. A supplier returns goods to the business and a credit note is issued, what entry is made on the creditor (accounts payable) control.
Wrong
Right!

 

8. Are fixtures and fittings assets or liabilities?
Right!
Wrong
9. The business has a loan of 10,000 from a bank. Is the loan an asset or a liability?
Right!
Wrong
10. The business owes a supplier 500 for goods purchased and received. Is the amount owed to the supplier an asset or a liability?
Right!
Wrong

Try Another Double Entry Bookkeeping Quiz

The debits and credits quiz is one of many of our online quizzes to test your knowledge of double entry bookkeeping in business. Discover another at the links below.

Last modified March 24th, 2023 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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