debits and credits test

Quiz 4: Debits and Credits Test

Take our debits and credits test to check out your knowledge of debits and credits used in double entry bookkeeping.

Not Ready for the Debits and Credits Test?

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

Start the Debits and Credits Test

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

1. Is a motor vehicle an asset or a liability?
Wrong
Right!
2.Is inventory an asset or a liability?
Right!
Wrong

 

3. Are accounts receivable an asset or a liability?
Right!
Wrong
4. Which account is debited if a customer pays 300 by check?
Wrong
Right!
5.A business is started with 5,000 cash from the owner paid into the bank account. Which account is credited?
Wrong
Right!
6. Faulty equipment for 200 is returned to the supplier. Assuming the equipment has not yet been depreciated, which account is the credit entry made to?
Right!
Wrong
7. Cash of 100 is taken from the bank account of the business and placed into petty cash, which account is credited?
Wrong
Right!
8. A supplier is paid 500 by check, is the cash account debited or credited?
Right!
Wrong
9. A loan principal repayment of 400 is made using a direct transfer from the bank, do you debit or credit the loan account?
Right!
Wrong
10. Is a bank loan an asset or a liability?
Right!
Wrong

Try Another Double Entry Bookkeeping Quiz

The debits and credits test 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 November 22nd, 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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Posted By: Michael Brown
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