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






2. owner's equity






3. How do accountants express a negative number






4. What is a T-account used for?






5. What is the classification of Rent






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






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






8. What is a Credit?






9. Which is a liability: Accounts Receivable or Accounts Payable?






10. What is Petty Cash?






11. What does a balance sheet calculate?






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






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






14. What does GAAP stand for?






15. What is the account balance?






16. What is the accounting equation?






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






18. What is the difference between equipment and supplies?






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






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






21. What is a Normal Balance






22. What is Insurance classified as?






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