Double-Entry Bookkeeping
Authored by Onyinyechi Ebirim
Other
University
Used 32+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In double-entry bookkeeping, every transaction affects at least __________ account(s).
one
two
three
four
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The fundamental principle of double-entry bookkeeping is:
Cash is king
Assets = Liabilities + Equity
Every debit has a corresponding credit
Revenue minus expenses equals profit
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which account type increases with a debit entry?
Assets
Liabilities
Equity
Revenue
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which account type increases with a credit entry?
Assets
Liabilities
Equity
Expenses
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A credit entry is recorded on the __________ side of the account.
left
right
top
bottom
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following represents a correct double-entry for a purchase of equipment with cash?
Debit Cash, Credit Equipment
Debit Equipment, Credit Cash
Debit Equipment, Credit Accounts Payable
Debit Cash, Credit Accounts Receivable
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An increase in accounts receivable is recorded as a __________ entry.
debit
credit
either debit or credit, depending on the situation
none of the above
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Microsoft
or continue with
%20(1).png)
Apple
Others
Already have an account?
