Quiz 18: Debit Credit Accounting Quiz

Take our debit credit accounting quiz to check out your knowledge of debits and credits used in mdct.ru.

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1. A business purchases equipment, which account does the debit entry go to?
Wrong
Right!
Wrong
2. A business sells goods for cash, which account is the credit entry posted to?
Right!
Wrong
Wrong
3. The business purchases raw materials on account. Which account is the credit posted to?
Wrong
Right!
Wrong

4. The business issues raw materials to the production department. Which account is the debit entry posted to?
Wrong
Wrong
Right!
5. Finished goods are transferred from work in process to finished goods. Which account is the credit entry posted to?
Wrong
Wrong
Right!
6. The business pays wages, which account is the credit entry posted to?
Right!
Wrong
Wrong
7. The business collects cash from customers which have purchased goods on account. Which account is the credit posted to?
Wrong
Right!
Wrong
8. The business makes payments to suppliers for goods purchased on account. Which account is the debit posted to?
Right!
Wrong
Wrong
9. The business pays an insurance premium in advance for the forthcoming year. Which account is the debit posted to?
Right!
Wrong
Wrong
10. The owner of the business invests cash. Which account is the debit posted to?
Wrong
Wrong
Right!

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Quiz 18: Debit Credit Accounting Quiz December 14th, 2016Team

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