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Quiz about Basic Accounting 3
Quiz about Basic Accounting 3

Basic Accounting 3 Trivia Quiz


This quiz focuses on the double entry system. I will ask you some questions and you have to say whether it is debited or credited.

A multiple-choice quiz by litacanrena. Estimated time: 3 mins.
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Author
litacanrena
Time
3 mins
Type
Multiple Choice
Quiz #
139,083
Updated
Feb 04 23
# Qns
10
Difficulty
Average
Avg Score
6 / 10
Plays
4304
Last 3 plays: Guest 73 (5/10), mazza47 (4/10), Guest 69 (3/10).
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Question 1 of 10
1. Goods bought on credit from J Roger. What is debited? Hint


Question 2 of 10
2. Vans bought on credit from K Logan. What is debited? Hint


Question 3 of 10
3. Goods sold on credit to N Hopson. What is credited? Hint


Question 4 of 10
4. Goods are purchased. Jack immediately pays by cheque. What is debited? Hint


Question 5 of 10
5. Goods purchased by us, returned to supplier J Johnson. What is credited? Hint


Question 6 of 10
6. Goods sold returned to us by customer, T Jacob. What is debited? Hint


Question 7 of 10
7. Goods bought by cheque. If you have bought the goods, what is credited? Hint


Question 8 of 10
8. The owner of a business puts money into the business. What is credited? Hint


Question 9 of 10
9. A loan in cash is received from D Michael. What is credited? Hint


Question 10 of 10
10. Debit all incomes, expenses and liabilities and credit all losses, liabilities and gains. Is this statement correct?



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Most Recent Scores
Oct 19 2024 : Guest 73: 5/10
Oct 05 2024 : mazza47: 4/10
Sep 18 2024 : Guest 69: 3/10
Sep 06 2024 : bernie73: 1/10
Sep 04 2024 : masfon: 6/10

Score Distribution

quiz
Quiz Answer Key and Fun Facts
1. Goods bought on credit from J Roger. What is debited?

Answer: Purchases a/c

Many of you may have selected goods. However, when someone will review the accounts there may be confusion as to what is actually being done with the goods. To avoid confusion, whenever you buy goods, especially for resale, it is written as purchases.
2. Vans bought on credit from K Logan. What is debited?

Answer: Vans a/c

Vans are debited because they are an asset. You are not buying it for resale so it cannot be written as purchases.
3. Goods sold on credit to N Hopson. What is credited?

Answer: Sales a/c

Goods are leaving the business so it is credited. It is written as sales to avoid confusion between sales and purchase returns.
4. Goods are purchased. Jack immediately pays by cheque. What is debited?

Answer: Bank a/c

Cheque makes it very detailed. It is always written as bank a/c.
5. Goods purchased by us, returned to supplier J Johnson. What is credited?

Answer: Purchase returns a/c

You are returning goods which were previously purchased. So to balance it off it is written in the purchase returns a/c.
6. Goods sold returned to us by customer, T Jacob. What is debited?

Answer: Sales Returns a/c

The same concept applies here. You have sold goods to a customer and now you must write it in the Sales Returns a/c to balance it off.
7. Goods bought by cheque. If you have bought the goods, what is credited?

Answer: Bank a/c

Purchases will be debited.
8. The owner of a business puts money into the business. What is credited?

Answer: Capital a/c

Capital is the initial investment in a business. It can be in the form of money, machinery or other equipment.
9. A loan in cash is received from D Michael. What is credited?

Answer: D Michael Loan a/c

Cash is debited as the business is receiving it.
10. Debit all incomes, expenses and liabilities and credit all losses, liabilities and gains. Is this statement correct?

Answer: No

Debit all assets, expenses and losses and credit all liabilities, incomes and gains.
Source: Author litacanrena

This quiz was reviewed by FunTrivia editor ozzz2002 before going online.
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