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04 Double Entry Recording
This quiz, focusing on topics of the double-entry system: debit and credit rules, journal entries, recording transactions, and the relationship between various financial accounts in a business context.
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A) the balances for each account.
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Add RecommendationAdd TagsView All Assigned TagsB) information about a transaction in several different places.
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Add RecommendationAdd TagsView All Assigned TagsC) a list of all accounts used in the business.
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Add RecommendationAdd TagsView All Assigned TagsD) a chronological record of transactions.
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A) in at least two different accounts.
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Add RecommendationAdd TagsView All Assigned TagsB) in two sets of books.
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Add RecommendationAdd TagsView All Assigned TagsC) in a journal and in a ledger.
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Add RecommendationAdd TagsView All Assigned TagsD) first as a revenue and then as an expense.
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A) the number of debit accounts must equal the number of credit accounts.
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Add RecommendationAdd TagsView All Assigned TagsB) there must always be entries made on both sides of the accounting equation.
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Add RecommendationAdd TagsView All Assigned TagsC) the amount of the debits must equal the amount of the credits.
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Add RecommendationAdd TagsView All Assigned TagsD) there must only be two accounts affected by any transaction.
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A) They can be abbreviated as Dr. and Cr.
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Add RecommendationAdd TagsView All Assigned TagsB) They can be interpreted to mean increase and decrease.
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Add RecommendationAdd TagsView All Assigned TagsC) They can be used to describe the balance of an account.
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Add RecommendationAdd TagsView All Assigned TagsD) They can be interpreted to mean left and right.
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A) Debits increase assets and decrease liabilities
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Add RecommendationAdd TagsView All Assigned TagsB) Debits increase assets and increase owners’ equity
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Add RecommendationAdd TagsView All Assigned TagsC) Credits decrease assets and decrease liabilities
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Add RecommendationAdd TagsView All Assigned TagsD) Credits increase assets and increase owners’ equity
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A) Increases in assets are recorded as debits.
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Add RecommendationAdd TagsView All Assigned TagsB) Increases in liabilities are recorded as debits.
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Add RecommendationAdd TagsView All Assigned TagsC) Decreases in owners’ equity are recorded as debits.
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Add RecommendationAdd TagsView All Assigned TagsD) Increases in expenses are recorded as debits.
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A) credit to owners’ equity
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Add RecommendationAdd TagsView All Assigned TagsB) credit to another asset
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Add RecommendationAdd TagsView All Assigned TagsC) credit to a liability
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Add RecommendationAdd TagsView All Assigned TagsD) All of the above
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A) decrease both assets and liabilities.
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Add RecommendationAdd TagsView All Assigned TagsB) decrease assets and increase liabilities.
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Add RecommendationAdd TagsView All Assigned TagsC) increase both assets and liabilities.
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Add RecommendationAdd TagsView All Assigned TagsD) increase assets and decrease liabilities.
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A) indicates an increase in the amount owed to creditors.
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Add RecommendationAdd TagsView All Assigned TagsB) indicates a decrease in the amount owed to creditors.
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Add RecommendationAdd TagsView All Assigned TagsC) is an error.
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Add RecommendationAdd TagsView All Assigned TagsD) must be accompanied by a debit to an asset account.
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A) credits exceed the debits.
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Add RecommendationAdd TagsView All Assigned TagsB) first transaction entered was a credit.
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Add RecommendationAdd TagsView All Assigned TagsC) debits exceed the credits.
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Add RecommendationAdd TagsView All Assigned TagsD) last transaction entered was a credit.
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An accountant has debited an asset account for $1 300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction?
A) Credit an asset account for $800.
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Add RecommendationAdd TagsView All Assigned TagsB) Credit another liability account for $800.
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Add RecommendationAdd TagsView All Assigned TagsC) Credit an owner’s equity account for $800.
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Add RecommendationAdd TagsView All Assigned TagsD) Debit an owner’s equity account for $800.
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Warick discovered that goods purchased on account were defective and returned this merchandise to the supplier. The entry to record this return will reduce Warick’s:
A) Sales revenue and the cost of sales.
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Add RecommendationAdd TagsView All Assigned TagsB) Inventory and liabilities.
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Add RecommendationAdd TagsView All Assigned TagsC) Inventory and cost of goods sold.
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Add RecommendationAdd TagsView All Assigned TagsD) Sales revenue and liabilities.
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Caelyn Bakeries purchased a motor vehicle for $120 000. She paid the car dealership, Gildes Motors $70 000 and took up a bank loan for the remaining amount. What is the journal entry to record this transaction?
A) Dr Motor vehicle $70 000; Cr Cash at bank $70 000
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Motor vehicle $120 000; Cr Cash at bank $120 000
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Motor vehicle $120 000; Cr Cash at bank $70 000 Cr Trade payable: Gildes Motors $50 000
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Motor vehicle $120 000; Cr Cash at bank $70 000 Cr Bank loan $50 000
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Which of the following is a contra-account? i) Drawings ii) Cost of sales iii) Sales returns
A) i) and ii)
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Add RecommendationAdd TagsView All Assigned TagsB) ii) and iii)
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Add RecommendationAdd TagsView All Assigned TagsC) i) and iii)
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Add RecommendationAdd TagsView All Assigned TagsD) All of the above
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Seow Hon sold goods to Su Ching for $1000 on credit. What is the journal entry for recording this transaction?
A) Dr Cash at bank 1 000; Cr Inventory 1 000
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Trade receivable – Su Ching 1 000; Cr Inventory 1 000
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Trade receivable – Su Ching 1 000; Cr Cost of Sales 1 000
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Trade receivable – Su Ching 1 000; Cr Sales revenue 1 000
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The cost of goods sold to Su Ching cost Seow Hon’s business $200 worth of goods. What is the journal entry for recording this transaction?
A) Dr Sales revenue 200; Cr Inventory 200
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Cost of sales 200; Cr Cash at bank 200
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Cost of sales 200; Cr Inventory 200
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Sales revenue 200; Cr Cash at bank 200
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Su Ching returns half the goods purchased previously from Seow Hon. These goods are worth $500. What is the journal entry for recording this transaction in Seow Hon’s books?
A) Dr Trade receivable – Seow Hon 500; Cr Sales revenue 500
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Sales revenue 500; Cr Trade receivable – Su Ching 500
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Sales returns 500; Cr Trade receivable – Su Ching 500
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Inventory 500; Cr Trade receivable – Su Ching 500
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A computer dealer withdrew a laptop from the storeroom for office use. What is the journal entry for recording this transaction?
A) Dr Office equipment; Cr Cash in hand
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Office equipment; Cr Trade Payable
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Office equipment; Cr Inventory
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Office equipment; Cr Capital
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On 13 August 2024, Pawson purchased office equipment for $1 500 and stationery of $200 on account. Which of the following journal entries is recorded correctly and in the standard format?
A) Dr Office Equipment 1 500; Cr Trade Payable 1 700; Dr Stationery 200
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Office Equipment 1 500 Dr Stationery 200; Cr Trade payable 1700
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Trade payable 1 700; Cr Equipment 1 500 Cr Stationery 200
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Office Equipment 1 700; Cr Trade payable 1 700
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Jeraldine paid $1 200 via bank transfer to her credit supplier for goods previously purchased on credit. What is the journal entry for recording this transaction?
A) Dr Trade receivable 1 200; Cr Cash at bank 1 200
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Add RecommendationAdd TagsView All Assigned TagsB) Dr Trade payable 1 200; Cr Cash at bank 1 200
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Add RecommendationAdd TagsView All Assigned TagsC) Dr Inventory 1 200; Cr Cash at bank 1 200
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Add RecommendationAdd TagsView All Assigned TagsD) Dr Inventory 1 200; Cr Trade payable 1 200
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Students who failed may need to review the concepts of debit and credit rules, journal entries, and recording transactions more thoroughly.
Keep practicing and seek additional help from your instructor or online resources to strengthen your understanding.
Suggestions for Improvement:
– Focus on understanding the relationship between different financial accounts, practice journal entries, and ensure that you grasp the fundamental principles of double-entry accounting.
Keep practicing and seek additional help from your instructor or online resources to strengthen your understanding.
Suggestions for Improvement:
– Focus on understanding the relationship between different financial accounts, practice journal entries, and ensure that you grasp the fundamental principles of double-entry accounting.
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Congratulations to students who passed the quiz! You have demonstrated a basic understanding of double-entry accounting concepts.
Continue to build on your knowledge and skills in accounting to excel in more complex topics.
-Suggestions for Improvement:
To improve further, consider practicing more journal entries, exploring real-life examples, and seeking advanced resources to deepen your understanding.
Continue to build on your knowledge and skills in accounting to excel in more complex topics.
-Suggestions for Improvement:
To improve further, consider practicing more journal entries, exploring real-life examples, and seeking advanced resources to deepen your understanding.
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Students who excelled have shown a strong grasp of double-entry accounting principles and application.
Well done on mastering the fundamentals! Your understanding sets a solid foundation for tackling more challenging topics in accounting.
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Well done on mastering the fundamentals! Your understanding sets a solid foundation for tackling more challenging topics in accounting.
Suggestions for Improvement:
Consider exploring advanced topics such as adjusting entries, financial statement analysis, or specialized accounting practices to enhance your expertise further.
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