Top 25 MCQ-Account

Financial Accounting · Topic 7 quiz

Accounts Quiz

Work through 25 multiple-choice questions, one at a time. Submit each answer for feedback. At the end, review your score and see which concepts to revisit.

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1. Normal balance of Cash…DebitCreditZeroEither by policy

2. Normal balance of Payables…DebitZeroNeitherCredit

3. Account for advance insurance…SalesLoan PayablePrepaid InsuranceDrawings

4. Contra-asset…CashAccumulated DepreciationCapitalRent

5. Customer balances reconcile to…Sales RevenueAccounts Receivable controlWages PayableEquipment

6. Cash closing debit? Opening cash: 960. Receipts: 144. Payments: 63.10418791167897

7. Payables closing credit? Opening payables: 1080. Credit purchases: 156. Payments: 68.992130410121168

8. Cash and one customer receivable? Cash: 1200. Receivables: 168.103212001368168

9. Debit balance from debit total and credit total? Debits: 1320. Credits: 180.150013201140180

10. Net equipment from cost and accumulated depreciation? Equipment cost: 1440. Accumulated depreciation: 192.163212481440192

11. Cash closing debit? Opening cash: 1200. Receipts: 168. Payments: 70.1298110214381130

12. Payables closing credit? Opening payables: 1320. Credit purchases: 180. Payments: 75.1215157512451425

13. Cash and one customer receivable? Cash: 1440. Receivables: 192.124814401921632

14. Debit balance from debit total and credit total? Debits: 1560. Credits: 204.176415601356204

15. Net equipment from cost and accumulated depreciation? Equipment cost: 1680. Accumulated depreciation: 216.189614641680216

16. Cash closing debit? Opening cash: 1440. Receipts: 192. Payments: 77.1555132517091363

17. Payables closing credit? Opening payables: 1560. Credit purchases: 204. Payments: 82.1682143818461478

18. Cash and one customer receivable? Cash: 1680. Receivables: 216.146416802161896

19. Debit balance from debit total and credit total? Debits: 1800. Credits: 228.202818001572228

20. Net equipment from cost and accumulated depreciation? Equipment cost: 1920. Accumulated depreciation: 240.216016801920240

21. Cash closing debit? Opening cash: 1680. Receipts: 216. Payments: 84.1548181219801596

22. Payables closing credit? Opening payables: 1800. Credit purchases: 228. Payments: 89.1939166121171711

23. Cash and one customer receivable? Cash: 1920. Receivables: 240.168019202402160

24. Debit balance from debit total and credit total? Debits: 2040. Credits: 252.229220401788252

25. Net equipment from cost and accumulated depreciation? Equipment cost: 2160. Accumulated depreciation: 264.242421601896264

Show the answer key

Debit The correct choice is Debit.
Credit The correct choice is Credit.
Prepaid Insurance The correct choice is Prepaid Insurance.
Accumulated Depreciation The correct choice is Accumulated Depreciation.
Accounts Receivable control The correct choice is Accounts Receivable control.
1041 Add receipts and subtract payments.
1168 Add credit purchases and subtract payments.
1368 Both balances are assets.
1140 The excess of debits is the debit balance.
1248 Accumulated depreciation reduces carrying amount.
1298 Add receipts and subtract payments.
1425 Add credit purchases and subtract payments.
1632 Both balances are assets.
1356 The excess of debits is the debit balance.
1464 Accumulated depreciation reduces carrying amount.
1555 Add receipts and subtract payments.
1682 Add credit purchases and subtract payments.
1896 Both balances are assets.
1572 The excess of debits is the debit balance.
1680 Accumulated depreciation reduces carrying amount.
1812 Add receipts and subtract payments.
1939 Add credit purchases and subtract payments.
2160 Both balances are assets.
1788 The excess of debits is the debit balance.
1896 Accumulated depreciation reduces carrying amount.