The Double Entry System 3 (Form 1, Accounting Commercial)

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Test your knowledge of double entry and bookkeeping basics.

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The Double Entry System 3 (Form 1, Accounting Commercial)


The Double Entry System 3 (Form 1, Accounting Commercial)Versión en línea Test your knowledge of double entry and bookkeeping basics. por YAKILI LMS 1 Assets can be increased by a credit entry. Yes No 2 Expenses never appear in the profit and loss account. Yes No 3 Expenses reduce owner's equity and profits. Yes No 4 Revenue accounts decrease when they are closed. Yes No 5 In accounting, equity never changes with profits. Yes No 6 The functions of a P&L include showing performance for a period. Yes No 7 All revenues always increase assets. Yes No 8 The P&L affects the balance sheet directly in the same period. Yes No 9 A journal entry does not require dates. Yes No 10 The term 'bookkeeping' means preparing tax returns only. Yes No 11 The double entry system does not require any evidence or receipt. Yes No 12 The profit and loss account lists cash on hand and bank balances only. Yes No 13 An accountant can omit receipts if they want. Yes No 14 Double entry is a system where each transaction affects two or more accounts. Yes No 15 A trial balance is not used to check arithmetical accuracy. Yes No 16 The balance sheet is prepared before the income statement. Yes No 17 The introduction and definition of double entry discourage recording transactions. Yes No 18 A credit to an asset account always increases its balance. Yes No 19 A profit and loss account is also called an income statement in many countries. Yes No 20 The double entry system ignores source documents. Yes No 21 In double entry, not every debit has a corresponding credit. Yes No 22 The double entry system is only used in large businesses. Yes No 23 A credit to an expense account increases its balance. Yes No 24 In a credit entry, liabilities typically increase. Yes No 25 The introduction of double entry began in medieval Europe. Yes No 26 Assets and liabilities are shown in the profit and loss account. Yes No 27 Liabilities are increased by a debit entry. Yes No 28 The profit and loss account summarizes revenues and expenses for a period. Yes No 29 QuickBooks and ledgers are tools used in bookkeeping. Yes No 30 A revenue increases owner's equity via profits. Yes No 31 The double entry system requires a source document for every transaction. Yes No 32 The term 'bookkeeping' refers to preparing financial statements only. Yes No 33 In double entry, total debits equal total credits. Yes No 34 Bookkeeping records every financial transaction in chronological order. Yes No 35 A loss is recorded to the revenue side of the P&L. Yes No 36 Bookkeeping is the process of recording financial transactions. Yes No 37 The double entry system eliminates the need for trial balance. Yes No 38 A loss increases owner’s equity. Yes No 39 A debit note reduces owner’s equity directly. Yes No 40 The P&L account is the same as the cash book. Yes No 41 A cash book records only cash transactions, not credit sales. Yes No 42 In a debit entry, assets typically increase. Yes No 43 A trial balance is used to check that debits equal credits. Yes No 44 The profit and loss account helps determine net profit or net loss. Yes No 45 In double entry, one transaction may be recorded with only one entry. Yes No 46 The function of a P&L is to show cash flows only. Yes No 47 Bookkeeping is optional for a business. Yes No 48 Purchases on credit create a liability to pay the supplier. Yes No 49 In T-accounts, a debit entry increases asset accounts. Yes No 50 Every debit increases both sides of the T-accounts. Yes No

The Double Entry System 3 (Form 1, Accounting Commercial)

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Descarga la versión para jugar en papel

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OPEN UP 5 UNIT 3: THERE IS/ARE, THERE WAS, THERE WERE

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¿Está creado con Inteligencia Artificial?

The Double Entry System 3 (Form 1, Accounting Commercial)Versión en línea

por YAKILI LMS

Assets can be increased by a credit entry.

Expenses never appear in the profit and loss account.

Expenses reduce owner's equity and profits.

Revenue accounts decrease when they are closed.

In accounting, equity never changes with profits.

The functions of a P&L include showing performance for a period.

All revenues always increase assets.

The P&L affects the balance sheet directly in the same period.

A journal entry does not require dates.

The term 'bookkeeping' means preparing tax returns only.

The double entry system does not require any evidence or receipt.

The profit and loss account lists cash on hand and bank balances only.

An accountant can omit receipts if they want.

Double entry is a system where each transaction affects two or more accounts.

A trial balance is not used to check arithmetical accuracy.

The balance sheet is prepared before the income statement.

The introduction and definition of double entry discourage recording transactions.

A credit to an asset account always increases its balance.

A profit and loss account is also called an income statement in many countries.

The double entry system ignores source documents.

In double entry, not every debit has a corresponding credit.

The double entry system is only used in large businesses.

A credit to an expense account increases its balance.

In a credit entry, liabilities typically increase.

The introduction of double entry began in medieval Europe.

Assets and liabilities are shown in the profit and loss account.

Liabilities are increased by a debit entry.

The profit and loss account summarizes revenues and expenses for a period.

QuickBooks and ledgers are tools used in bookkeeping.

A revenue increases owner's equity via profits.

The double entry system requires a source document for every transaction.

The term 'bookkeeping' refers to preparing financial statements only.

In double entry, total debits equal total credits.

Bookkeeping records every financial transaction in chronological order.

A loss is recorded to the revenue side of the P&L.

Bookkeeping is the process of recording financial transactions.

The double entry system eliminates the need for trial balance.

A loss increases owner’s equity.

A debit note reduces owner’s equity directly.

The P&L account is the same as the cash book.

A cash book records only cash transactions, not credit sales.

In a debit entry, assets typically increase.

A trial balance is used to check that debits equal credits.

The profit and loss account helps determine net profit or net loss.

In double entry, one transaction may be recorded with only one entry.

The function of a P&L is to show cash flows only.

Bookkeeping is optional for a business.

Purchases on credit create a liability to pay the supplier.

In T-accounts, a debit entry increases asset accounts.

Every debit increases both sides of the T-accounts.