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Recording Business Transactions in Accounting

Instructions:

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

question 1 of 3

Why must the amount debited and the amount credited in each transaction be equal?

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1. What is an entry made on the left side of an account?

2. Which of the following accounts has balance increases when it is debited and balance decreases when it is credited?

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About This Quiz & Worksheet

These assessment questions will help you gauge your knowledge of properly recording business transactions in accounting. To pass the quiz you will need to understand basic accounting vocabulary, including the type of accounting where each transaction affects two accounts.

Quiz & Worksheet Goals

This printable worksheet and quiz may be used to review accounting vocabulary terms such as:

  • Transaction
  • Journal
  • Debit
  • Credit

Skills Practiced

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

  • Interpreting information - verify you can read information regarding where transactions are recorded
  • Knowledge application - use your knowledge to answer questions about what changes the balance in two or more accounts
  • Defining key concepts - ensure that you can accurately define main phrases and terms, such as what entries on the left or on the right side of an account are called

Additional Learning

To learn more about keeping your books straight, review the corresponding lesson called Recording Business Transactions in Accounting. This lesson will help you:

  • Understand what a transaction is
  • Describe why each transaction affects two accounts
  • Identify the two accounts affected by a transaction
  • Explain the difference between a credit and debit
  • Appreciate when to increase or decrease an account
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