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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.

Author
litacanrena

Time
3 mins

Type
Multiple Choice

Quiz #
139,083

Updated
Feb 04 23

# Qns
10

Difficulty
Average

Avg Score
6 / 10

Plays
4307

Last 3 plays: Guest 222 (8/10), Renidus (8/10), Guest 208 (8/10).

One at a Time - Single Page - Timed Game

Question 1 of 10

1. Goods bought on credit from J Roger. What is debited? Hint

Goods a/c

Income a/c

J Roger a/c

Purchases a/c

NEXT>

Question 2 of 10

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

K Logan a/c

Vans a/c

Purchases a/c

Liability a/c

NEXT>

Question 3 of 10

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

Goods a/c

N Hopson a/c

Sales a/c

Creditors a/c

NEXT>

Question 4 of 10

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

Cheque a/c

Goods a/c

Jack a/c

Bank a/c

NEXT>

Question 5 of 10

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

Purchase returns a/c

Goods a/c

Purchase a/c

Sales returns a/c

NEXT>

Question 6 of 10

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

Goods a/c

Sales a/c

Sales Returns a/c

T Jacob a/c

NEXT>

Question 7 of 10

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

Toys a/c

Purchases a/c

Sales a/c

Bank a/c

NEXT>

Question 8 of 10

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

Loan a/c

Owner a/c

Capital a/c

Investment a/c

NEXT>

Question 9 of 10

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

Loan a/c

D Michael a/c

D Michael Loan a/c

Cash a/c

NEXT>

Question 10 of 10

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

Yes

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Most Recent Scores

Nov 13 2024 : Guest 222: 8/10
Nov 10 2024 : Renidus: 8/10
Nov 08 2024 : Guest 208: 8/10
Oct 19 2024 : Guest 73: 5/10
Oct 05 2024 : mazza47: 4/10

Score Distribution

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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