Debits and Credits Quiz

1. In accounting, a ______ is on the left side of a T-account.

2. A ______ is on the right side of a T-account.

3. To increase an asset account, you would ______ it.

4. To decrease an asset account, you would ______ it.

5. To increase a liability account, you would ______ it.

6. To decrease a liability account, you would ______ it.

7. To increase an owner's equity account, you would ______ it.

8. To decrease an owner's equity account, you would ______ it.

9. Revenue accounts normally have a ______ balance.

10. Expense accounts normally have a ______ balance.

11. When cash is received, the Cash account is ______.

12. When cash is paid out, the Cash account is ______.

13. Accounts Payable is a ______ account.

14. Accounts Receivable is an ______ account.

15. To increase a revenue account, you would ______ it.

16. To increase an expense account, you would ______ it.

17. The normal balance of a contra-asset account is a ______.

18. Dividends (or Drawings) are increased by ______.

19. The accounting equation is Assets = Liabilities + ______.

20. When a business purchases supplies on credit, Supplies is debited and ______ is credited.

21. When a business receives cash for services rendered, Cash is debited and ______ is credited.

22. The double-entry accounting system requires that every transaction affect at least ______ accounts.

23. For every debit there must be an equal and opposite ______.

24. The process of recording transactions in a journal is called ______.

25. After journalizing, transactions are transferred to the ______.