Test your basic knowledge |

Accounting Debit Credit Rules

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. Receivable
Right side
Cost of operating. Decreases stockholder equity
Side of account where increases are recorded
Always an asset

2. Expense
Increases stockholder equity
Copying data from the journal to the ledger
Liabilities
Cost of operating. Decreases stockholder equity

3. Credit
Left side
Right side
Grouping of accounts
Assets

4. A debit increases...
Grouping of accounts
Assets
Record of Transactions
Always an asset

5. A debit decreases...
Always an asset
Increases stockholder equity
Always a liability
Liabilities

6. Revenue
Assets
Always an asset
Assets- Liabilities
Increases stockholder equity

7. Ledger
Cost of operating. Decreases stockholder equity
Grouping of accounts
Always a liability
Assets

8. Normal Balance
Grouping of accounts
Side of account where increases are recorded
Record of Transactions
Increases stockholder equity

9. A credit decreases...
Left side
Assets
Always an asset
Liabilities

10. Posting
Always an asset
Increases stockholder equity
Copying data from the journal to the ledger
Liabilities

11. Debit
Always a liability
Left side
Cost of operating. Decreases stockholder equity
Grouping of accounts

12. Journal
Copying data from the journal to the ledger
Always a liability
Assets
Record of Transactions

13. Payable
Revenues - Expenses
Grouping of accounts
Cost of operating. Decreases stockholder equity
Always a liability

14. Owners Equity
Assets- Liabilities
Side of account where increases are recorded
Revenues - Expenses
Assets

15. Net Income
Assets
Increases stockholder equity
Always an asset
Revenues - Expenses

16. A credit increases..
Side of account where increases are recorded
Liabilities
Always a liability
Cost of operating. Decreases stockholder equity