Debits and Credits
Quiz by Bri Riley
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10 questions
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- Q1In accounting, what is the side that records increases in assets and decreases in liabilities and equity known as?ExpenseDebitCreditRevenue30s
- Q2Which side of an account is used to record decreases in assets and increases in liabilities and equity in accounting?CreditDebitRevenueExpense30s
- Q3When a company receives cash from a customer, which side of the accounting equation is affected?DebitAssetRevenueCredit30s
- Q4If a company pays off a loan, which side of the accounting equation is affected?RevenueLiabilityCreditDebit30s
- Q5When a company records an expense, which side of the accounting equation is typically affected?AssetCreditRevenueDebit30s
- Q6If a company receives payment from a customer for services rendered, which side of the accounting equation is affected?CreditAssetRevenueDebit30s
- Q7When a company purchases equipment with cash, which side of the accounting equation is affected?DebitLiabilityRevenueCredit30s
- Q8If a company incurs an expense on supplies, which side of the accounting equation is typically affected?RevenueAssetCreditDebit30s
- Q9When a company records a sale on credit, which side of the accounting equation is typically affected?CreditDebitLiabilityRevenue30s
- Q10If a company pays dividends to its shareholders, which side of the accounting equation is affected?CreditDebitRevenueEquity30s