The Double Entry System 4 (Form 1, Accounting Commercial)

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Basic double-entry concepts in T-accounts.

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The Double Entry System 4 (Form 1, Accounting Commercial)


Froggy Jumps The Double Entry System 4 (Form 1, Accounting Commercial)Versión en línea Basic double-entry concepts in T-accounts. por YAKILI LMS 1 What does a debit entry in a T-account typically indicate? a Decrease assets or increase liabilities b Record revenue only c Increase assets or decrease liabilities 2 In a T-account, where is a credit entry recorded? a Top side b Right side c Left side 3 Which accounts typically have a debit balance? a Revenue b Assets c Liabilities 4 Which account balance is normally on the credit side? a Assets b Liabilities c Expense 5 If cash increases, which entry is typical? a Credit cash b Debit cash c Do nothing 6 What is the purpose of the trial balance? a Show net income b Check equality of debits and credits c Show cash flow 7 Which figure is shown on the left in a T-account? a Credit side b Header c Debit side 8 What does balancing an account mean? a Total debits equal total credits b Closing the books c Total assets grow 9 Which act closes an account at year-end? a Opening entry b Reversing entry c Closing entry 10 What is a closing entry primarily used for? a Record depreciation b Record asset purchases c Transfer temporary balances to permanent accounts 11 Which accounts are temporary in nature? a Assets and liabilities b Equity and cash c Revenue and expenses 12 When reopening an account, which side is affected first? a Only credit b Only debit c Debit or credit depending on original balance 13 What does 'nature of balance' refer to? a Its color b Whether an account normally carries a debit or credit balance c Its date of creation 14 Which account normally has a debit balance? a Unearned revenue b Owner's equity c Equipment 15 Which action closes revenue accounts? a Credit Revenue, Debit Income Summary b Debit Revenue, Credit Income Summary c Debit Expense, Credit Cash 16 What happens to expense accounts at closing? a Debit Income Summary and Credit each Expense b Debit Cash and Credit Expense c Credit Income Summary and Debit Revenue 17 What is a ‘permanent account’? a Temporary accounts only b Income statement accounts c Balance sheet accounts 18 Which entry resets balances to zero? a Opening entry b Closing entry c Adjusting entry 19 Which of these is a liability account? a Loans payable b Cash c Advertising expense 20 If owner invests cash, what is the entry? a Credit Cash, Credit Owner’s Equity b Debit Cash, Credit Owner’s Equity c Debit Owner’s Equity, Credit Cash 21 What does a credit balance on an asset account indicate? a Reversed accounting error b Unusual; asset reduced below normal c Normal state 22 Which statement best describes a T-account? a A cash book only b A visual representation of debits and credits c A type of financial statement 23 Which account decreases with a debit? a Liabilities b Assets c Revenue 24 What is the effect of a credit to an asset account? a Increase asset b Decrease asset c No effect 25 Which side is used for revenue increases in T-accounts? a Debit side b Credit side c Top side 26 Which account normally has a credit balance? a Equipment b Cash c Accounts payable 27 What does a debit entry do to a liability? a Increase liability b Record zero c Decrease liability 28 What is the main purpose of a balance sheet?” a Show assets, liabilities, and equity b Show cash flow c Show income only 29 Which account is closed at year-end? a Cash b Equipment c Revenue 30 What does 'opening an account' involve? a Closing the account b Creating a new T-account with initial balance c Deleting the account 31 Which is a practical use of double entry? a Detecting errors b Only recording cash c Avoiding audits 32 Closing balance of a revenue account is transferred to? a Income Summary or Retained Earnings b Prepaid expenses c Cash 33 What indicates a proper double-entry system? a Only credits tracked b Total debits equal total credits c Debits exceed credits always 34 What is a reversing entry used for? a To close books permanently b To record new capital c To reverse adjusting entries 35 Which account would debit cash for a cash sale? a Sales revenue b Accounts payable c Cash 36 What happens when you debit an expense account? a Expense increases b Expense decreases c No change 37 Which statement is true about the trial balance? a It lists all account balances b It shows only assets c It is the same as the income statement 38 Closing the books affects which area? a Permanent accounts b Temporary accounts c Only cash accounts 39 What is a 'reopened' account? a A new account created later b An account brought back after closure c An ignored account 40 Which balance type is typical for equity? a Debit balance b Neither c Credit balance 41 Which entry would increase a liability account? a No entry b Credit c Debit 42 Which accounts affect the cash flow statement? a Depreciation only b Cash and cash equivalents c Owners’ equity 43 What is the effect of a debit to an income account? a No effect b Increase income c Decrease income 44 At closing, which is debited to reset revenue balances? a Cash to Revenue b Expense to Equity c Revenue to Income Summary 45 Which account type normally carries a debit balance? a Asset b Liability c Revenue 46 What does 'reopening a closed account' involve? a Restoring its balance and activity b Creating a new account instead c Deleting it again 47 Which is an asset account example? a Inventory b Accounts payable c Revenue 48 What is the first activity in double-entry recording? a Post to ledger b Identify accounts affected c Prepare financial statements 49 Which balance is typical for revenue accounts? a Zero balance b Credit balance c Debit balance 50 Which entry increases an expense account? a No entry b Debit c Credit

The Double Entry System 4 (Form 1, Accounting Commercial)

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The Double Entry System 4 (Form 1, Accounting Commercial)Versión en línea

por YAKILI LMS

What does a debit entry in a T-account typically indicate?

In a T-account, where is a credit entry recorded?

Which accounts typically have a debit balance?

Which account balance is normally on the credit side?

If cash increases, which entry is typical?

What is the purpose of the trial balance?

Which figure is shown on the left in a T-account?

What does balancing an account mean?

Which act closes an account at year-end?

What is a closing entry primarily used for?

Which accounts are temporary in nature?

When reopening an account, which side is affected first?

What does 'nature of balance' refer to?

Which account normally has a debit balance?

Which action closes revenue accounts?

What happens to expense accounts at closing?

What is a ‘permanent account’?

Which entry resets balances to zero?

Which of these is a liability account?

If owner invests cash, what is the entry?

What does a credit balance on an asset account indicate?

Which statement best describes a T-account?

Which account decreases with a debit?

What is the effect of a credit to an asset account?

Which side is used for revenue increases in T-accounts?

Which account normally has a credit balance?

What does a debit entry do to a liability?

What is the main purpose of a balance sheet?”

Which account is closed at year-end?

What does 'opening an account' involve?

Which is a practical use of double entry?

Closing balance of a revenue account is transferred to?

What indicates a proper double-entry system?

What is a reversing entry used for?

Which account would debit cash for a cash sale?

What happens when you debit an expense account?

Which statement is true about the trial balance?

Closing the books affects which area?

What is a 'reopened' account?

Which balance type is typical for equity?

Which entry would increase a liability account?

Which accounts affect the cash flow statement?

What is the effect of a debit to an income account?

At closing, which is debited to reset revenue balances?

Which account type normally carries a debit balance?

What does 'reopening a closed account' involve?

Which is an asset account example?

What is the first activity in double-entry recording?

Which balance is typical for revenue accounts?

Which entry increases an expense account?