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Basic Accounting Quiz Questions And Answers

Question 1 of 3

Q1 . Debits and Credits are a part of double-entry bookkeeping? State true or false.

Q2 . In accounting, Debit (Dr) means which side of a ledger account?

Q3 . To increase an Asset, you Debit the account? State true or false.

Q4 . Complete the sentence- 'Debit the receiver and credit the ________'.

Q5 . Under the accrual method of accounting, expenses are recorded:

Q6 . Profit is equal to:

Q7 . Which financial statement will tell you how profitable a company is?

Q8 . True or False: assets are typically recorded on the Balance Sheet at their estimated fair market value.

Q9 . Recognition of Depreciation Expense:

Q10 . A periodical bookkeeping worksheet is _____________.

Q11 . Debits and Credits are a part of double-entry bookkeeping? State true or false.

Q12 . In accounting, Debit (Dr) means which side of a ledger account?

Q13 . To increase an Asset, you Debit the account? State true or false.

Q14 . Complete the sentence- 'Debit the receiver and credit the ________'.

Q15 . Under the accrual method of accounting, expenses are recorded:

Q16 . Profit is equal to:

Q17 . Which financial statement will tell you how profitable a company is?

Q18 . True or False: assets are typically recorded on the Balance Sheet at their estimated fair market value.

Q19 . Recognition of Depreciation Expense:

Q20 . A periodical bookkeeping worksheet is _____________.