Quiz 3: Debits and Credits Quiz

Test your knowledge of debits and credits with our online debits and credits quiz.

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1. A business pays a supplier 100 in cash, which account does it credit?
Wrong
Right!
2. A business buys new plant and machinery from a supplier who gives 30 days credit. Which account should the business debit?
Right!
Wrong

3. Goods are bought on credit for 300, is the entry to the purchases account a debit or a credit?
Right!
Wrong

4. Cash is introduced to a business by the owner as equity. Which account does the credit entry go to?
Wrong
Right!

5. A friend of the owner lends the business 1,000. Which account is credit entry made to?
Wrong
Right!

6. A customer pays a sales invoice for 500 in cash, what entry is made to the sales ledger (accounts receivable) control?
Right!
Wrong

7. A supplier returns goods to the business and a credit note is issued, what entry is made on the creditor (accounts payable) control.
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Right!

8. Are fixtures and fittings assets or liabilities?
Right!
Wrong
9. The business has a loan of 10,000 from a bank. Is the loan an asset or a liability?
Right!
Wrong
10. The business owes a supplier 500 for goods purchased and received. Is the amount owed to the supplier an asset or a liability?
Right!
Wrong

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Quiz 3: Debits and Credits Quiz December 14th, 2016Team

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