Test your basic knowledge |

Accounting Debit Credit Rule

Subject : business-skills
Instructions:
  • Answer 23 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Which is a liability: Accounts Receivable or Accounts Payable?






2. What is a T-account used for?






3. A drawing account is alwasy a debit or credit?






4. Which side of the T-account is used to display debit?






5. What does a balance sheet calculate?






6. What is a business owned by one person called?






7. What is the accounting equation?






8. What is the account balance?






9. What is a Credit?






10. If a liablility is decreasing is it a debit or a credit?






11. What is a Normal Balance






12. Which Public Stock is an average of the 30 most powerful companies in the US?






13. What is Insurance classified as?






14. owner's equity






15. What is the classification of Rent






16. What is used to measure the profits and losses of a company?






17. What is the difference between equipment and supplies?






18. If an Asset is decreasing it is a...?






19. How do accountants express a negative number






20. What does GAAP stand for?






21. What is Petty Cash?






22. What are the 4 transactions that affect the worth of a company?






23. What is an increase in owners equity resulting from the operation of business called?