Contra Entries Quiz
Quick multiple-choice check on contra entries in accounting — definitions, application, and common misconceptions.
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Quiz Questions & Answers
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Question 1: What is a contra entry?
An entry recorded only in the balance sheet
An entry where both debit and credit affect the same account but opposite sides
An entry involving more than two accounts
Question 2: Which of the following is an example of a contra entry?
Cash deposited into the bank
Purchase of goods on credit
Payment of salary
Question 3: How are contra entries usually marked in the cash book?
With the letter “C”
With the letter “X”
With the letter “D”