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Accounting transactions

Quiz by David Glavach

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10 questions
Show answers
  • Q1
    Which of the following describes a debit transaction in accounting?
    Increase in assets, increase in liabilities or equity
    Decrease in assets, decrease in liabilities or equity
    Decrease in assets, increase in liabilities or equity
    Increase in assets, decrease in liabilities or equity
    30s
  • Q2
    Which of the following is an example of an expense transaction in accounting?
    Payment for utilities
    Investment in stocks
    Receipt of cash from a customer
    Sale of a product
    30s
  • Q3
    In accounting, what does the term 'accounts payable' refer to?
    Amount owed by a business to its customers
    Amount of cash in a business's bank account
    Amount invested by shareholders in a business
    Amount owed by a business to its suppliers or creditors
    30s
  • Q4
    What is the purpose of a journal entry in accounting?
    To pay employees
    To record and track business transactions
    To create financial statements
    To calculate the business's profit
    30s
  • Q5
    Which of the following is an example of a credit transaction in accounting?
    Payment of wages to employees
    Receipt of cash from a customer
    Payment for rent
    Purchase of equipment
    30s
  • Q6
    What is the purpose of a trial balance in accounting?
    To determine the business's net income
    To ensure the accuracy of the general ledger
    To record daily transactions
    To calculate the business's tax liability
    30s
  • Q7
    Which of the following is an example of a contra account in accounting?
    Accounts payable
    Inventory
    Accounts receivable
    Accumulated depreciation
    30s
  • Q8
    When a business receives cash for services provided, which type of account is credited?
    Cash
    Equipment
    Accounts Payable
    Service Revenue
    30s
  • Q9
    Which of the following is an example of an asset transaction in accounting?
    Payment for rent
    Payment to a supplier
    Purchase of equipment
    Payment of wages to employees
    30s
  • Q10
    What does the term 'accounts receivable' represent in accounting?
    Amount of cash in a business's bank account
    Amount owed to a business by its customers
    Amount invested by shareholders in a business
    Amount owed by a business to its suppliers
    30s

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