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Understanding Debits and Credits in Accounting

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

The visuals that are used to help accounting professionals see the effects of transactions on accounts are called _____.

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1. How many accounts are to be recorded by a business transaction with a double-entry accounting?

2.

Mary ordered a bicycle from Fit Company Ltd and was asked to make a deposit. One month later, when the bicycle was delivered to Mary, she paid an amount of $1200 which was due to Fit Company Ltd.

Which of the following is correct if Fit Company Ltd uses a double-entry accounting system?

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About This Quiz & Worksheet

This quiz and corresponding worksheet will help you gauge your knowledge of debits and credits in accounting and learn how to balance your books. To pass the quiz you will need to understand T-accounts and know how many accounts double-entry accounting requires.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • What T-accounts are
  • Number of accounts required in double-entry systems
  • Effects of debt
  • Effects of credit
  • Why debits and credits are used

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you understand why debits and credits are used
  • Knowledge application - use your knowledge to answer questions about T-accounts
  • Reading comprehension - ensure that you draw the most important information from the related debits and credits lesson

Additional Learning

To learn more about accounting, review the corresponding lesson called Understanding Debits and Credits in Accounting. This lesson will help you:

  • Understand what a debit is
  • Describe what a credit involves
  • Identify the role of debit and credit in a double-entry accounting system
  • Explain the easiest way to see the results of each transaction
  • Identify where debits and credits go on a T-account
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