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GETTING TO KNOW YOU
This short, 5-minute quiz helps us understand where you are in your basics, so that our teachers can design a study plan that works specifically for you.
I'M READY
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Which Level Are You At?
Select Sec 4 if you are taking this quiz after Sec 3 End of Year Exams
Sec 3
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Add RecommendationAdd TagsView All Assigned TagsSec 4
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A) Assets
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Add RecommendationAdd TagsView All Assigned TagsB) Liabilities
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Add RecommendationAdd TagsView All Assigned TagsC) Income
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Add RecommendationAdd TagsView All Assigned TagsD) Capital
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Add RecommendationAdd TagsView All Assigned TagsE) Expenses
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Add RecommendationAdd TagsView All Assigned TagsF) None of the above
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A) Assets
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Add RecommendationAdd TagsView All Assigned TagsB) Liability
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Add RecommendationAdd TagsView All Assigned TagsC) Income
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Add RecommendationAdd TagsView All Assigned TagsD) Capital
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Add RecommendationAdd TagsView All Assigned TagsE) Expense
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Add RecommendationAdd TagsView All Assigned TagsF) None of the above
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A) Asset
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Add RecommendationAdd TagsView All Assigned TagsB) Inventory
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Add RecommendationAdd TagsView All Assigned TagsC) Office equipment
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Add RecommendationAdd TagsView All Assigned TagsD) Capital
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Add RecommendationAdd TagsView All Assigned TagsE) All of the above
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What is your understanding of debit and credit?
Select the option that best represents your understanding
A) Debit is plus (+) and Credit is minus (-)
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Add RecommendationAdd TagsView All Assigned TagsB) Debit is left and Credit is right
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Add RecommendationAdd TagsView All Assigned TagsC) Every transaction will have a plus and a minus
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Add RecommendationAdd TagsView All Assigned TagsD) Every transaction will affect only two accounts
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Lindy trading purchased a motor vehicle costing $50,000. A deposit of $10,000 was paid by cheque and the remaining is to be repaid via installments. What is the journal entry to record this transaction?
You may present in Dr/Cr-Account-Value format.
Example: Dr Stationery 40 Cr Cash in hand 40
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The correct answer for Linda's purchase of a van on credit and partial payment is:
You may record the journal entry using either 3 or 4 accounts.
Was your recording correct?
Was your recording correct?
No. I didn't get any of the accounts with correct matching figures.
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Add RecommendationAdd TagsView All Assigned TagsNo. I got at least two accounts correct but the amounts don't match the accounts
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Add RecommendationAdd TagsView All Assigned TagsYes. I identified all 3 account names but some amounts don't match with the accounts
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Add RecommendationAdd TagsView All Assigned TagsYes. I identified all 3 account names and correct figure that matches each account
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Goods costing $200 was sold for $1,000 on credit to Ah Seng. What is the journal entry to record this transaction?
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The correct answer for the sale of goods to Ah Seng on credit is:
Did you get all 4 accounts and matching figures correct?
I got 2 or less accounts and corresponding figures right. Also click here if your answer is:
Dr Trade receivable 1000; Cr Inventory 1000
Dr Trade receivable 1000; Cr Inventory 1000
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Add RecommendationAdd TagsView All Assigned TagsI got at least 2 out of 4 accounts AND matching figures correct. Eg:
Dr Trade receivable 1000;
Cr Sales revenue 1000 or
Dr Trade receivables 1000;
Cr Inventory 200
Dr Trade receivable 1000;
Cr Sales revenue 1000 or
Dr Trade receivables 1000;
Cr Inventory 200
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Add RecommendationAdd TagsView All Assigned TagsI got at least 3 out of 4 accounts AND matching figures correct.
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Add RecommendationAdd TagsView All Assigned TagsI got all 4 accounts AND matching figures correct.
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Results: Confusion
Your approach to the quiz suggests a reliance on memorisation, especially concerning the accounting equation and the process of double entry recording. While memorization is a useful tool, true proficiency in accounting requires a deeper comprehension of these fundamental concepts.
For comprehensive breakdown and analysis of your results, download the PDF below:
For comprehensive breakdown and analysis of your results, download the PDF below:
Download PDF Report
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Results: Passed!
Your performance in the Double Entry Diagnostics quiz indicates that you have successfully grasped the fundamentals of double entry accounting. Based on your results, you can join any ongoing weekly, intensive or topical classes that delve deeper into other specific topics.
For comprehensive breakdown and analysis of your results, download the PDF below:
For comprehensive breakdown and analysis of your results, download the PDF below:
Download PDF Report
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Results: Excellent!
Congratulations! Your performance in the Double Entry Diagnostics quiz indicates that you have successfully grasped the fundamentals of double entry accounting.
Based on your results, you can join any ongoing weekly, topical or intensive classes that delve deeper into more advanced topics
For comprehensive breakdown and analysis of your results, download the PDF below:
Based on your results, you can join any ongoing weekly, topical or intensive classes that delve deeper into more advanced topics
For comprehensive breakdown and analysis of your results, download the PDF below:
Download PDF Report
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Results: Failed
Your quiz outcome has been determined as 'Needs Improvement in Accounting Equation and Double Entry Basics.' This indicates a need for a deeper grasp of essential double entry recording to build a stronger foundation for future chapters.
For comprehensive breakdown and analysis of your results, download the PDF below:
For comprehensive breakdown and analysis of your results, download the PDF below:
Download PDF Report
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Results: Failed
Your quiz outcome has been determined as 'Needs Improvement in Accounting Equation and Double Entry Basics.' This indicates a need for a deeper grasp of essential double entry recording to build a stronger foundation for future chapters.
For comprehensive breakdown and analysis of your results, download the PDF below:
For comprehensive breakdown and analysis of your results, download the PDF below:
Download PDF Report
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