Debit and Credit Rules Quiz
Three easy multiple-choice questions testing core rules and applications of debits and credits in double-entry accounting.
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Quiz Questions & Answers
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Question 1: In double-entry accounting, which side increases an asset account?
Either debit or credit depending on the account
Debit
Credit
Question 2: If a company takes a loan and receives cash, which entries correctly reflect the transaction?
Debit Cash; Credit Loan Payable
Debit Loan Payable; Credit Owner’s Equity
Credit Cash; Debit Loan Payable
Question 3: Which statement best describes the purpose of debits and credits?
They record equal and opposite effects so the accounting equation stays balanced.
They label entries as income or expense only.
They determine tax treatment of transactions.