Welcome to Double-Entry Accounting System. Here are 20 questions you can practice with multiple choice answers. Answer all the questions and see your scores.
1.
When a company purchases land by issuing a long-term note payable, which accounts are involved?
2.
If a company pays off a loan with cash, which accounts are affected?
3.
When a company receives a bank loan, which accounts are involved?
4.
When a company earns interest revenue on a savings account, which accounts are affected?
5.
If a company receives cash in advance for services to be provided in the future, which accounts are affected?
6.
If a company receives cash in advance for services to be provided in the future, which accounts are affected?
7.
Which accounts are affected when a company issues common stock for cash?
8.
If a company purchases inventory with cash, which accounts are involved?
9.
If a company pays off a portion of its accounts payable, which accounts are affected?
10.
If a company pays its employees' salaries, which accounts are affected?
11.
When a company purchases inventory on credit, which accounts are affected?
12.
If a company pays off a bank loan early, which accounts are affected?
13.
When a company receives cash payment from a customer who had previously purchased goods on credit, which accounts are involved?
14.
Which accounts are involved when a company receives interest revenue on investments?
15.
If a company receives a utility bill but hasn't paid it yet, which accounts are affected?
16.
Which accounts are involved when a company receives cash from a customer for services rendered?
17.
If a company purchases equipment by taking out a loan, which accounts are affected?
18.
If a company purchases office supplies on credit, which accounts are affected?
19.
Which accounts are involved when a company pays rent for the office space?
20.
Which accounts are involved when a company receives a cash dividend from its investments?
