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Accounting Debit Credit Rules

Subject : business-skills

Instructions:

Answer 16 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. A debit decreases...
Liabilities
Right side
Copying data from the journal to the ledger
Side of account where increases are recorded

2. A credit increases..
Assets
Grouping of accounts
Copying data from the journal to the ledger
Liabilities

3. Revenue
Cost of operating. Decreases stockholder equity
Liabilities
Increases stockholder equity
Always an asset

4. Payable
Liabilities
Side of account where increases are recorded
Always a liability
Grouping of accounts

5. Expense
Right side
Copying data from the journal to the ledger
Cost of operating. Decreases stockholder equity
Liabilities

6. Normal Balance
Right side
Always an asset
Side of account where increases are recorded
Assets

7. Credit
Right side
Copying data from the journal to the ledger
Assets
Cost of operating. Decreases stockholder equity

8. Net Income
Right side
Revenues - Expenses
Always an asset
Always a liability

9. Debit
Increases stockholder equity
Left side
Assets
Assets

10. Journal
Assets
Assets
Cost of operating. Decreases stockholder equity
Record of Transactions

11. A credit decreases...
Record of Transactions
Side of account where increases are recorded
Assets
Grouping of accounts

12. Ledger
Copying data from the journal to the ledger
Liabilities
Grouping of accounts
Assets

13. Posting
Liabilities
Copying data from the journal to the ledger
Left side
Revenues - Expenses

14. Receivable
Always an asset
Side of account where increases are recorded
Assets- Liabilities
Grouping of accounts

15. Owners Equity
Grouping of accounts
Right side
Assets- Liabilities
Left side

16. A debit increases...
Assets
Revenues - Expenses
Side of account where increases are recorded
Increases stockholder equity

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