Accounting Practice Quizzes

Which side is the minus side for "Owner Name, Drawing?" Debit or credit?

Which of the following accounts are closed each accounting period?

A business that purchases products and resells them is called a...

Which side is the plus side for expenses? Debit or credit?

Which is the plus side and the minus side of the Income Summary account?

A business that produces and sells a product is called a...

Which side is the minus side for revenue? Debit or credit?

Which side is the plus side for "Owner Name, Capital?" Debit or credit?

Which part of a journal entry must be indented?

If you wanted to view a summary of all of the transactions affecing just one account, where would you find this information?

Which is true of the normal balance of an account?

Which of the following is commonly referred to as the book of original entry?

Which side is the plus side for "Owner Name, Drawing?" Debit or credit?

Which side is the minus side for liabilities? Debit or credit?

Which side is the minus side for "Owner Name, Capital?" Debit or credit?

A company completes its accounting cycle four times a year. Its fiscal year ends on January 31. Which of the following statements is NOT true?

Which is a chronological listing of all the business transactions for the company?

Which side is the minus side for expenses? Debit or credit?

Which is an unpublished tool written on scrap paper and used to make an accountant's job easier?

Which side is the plus side for revenue? Debit or credit?

List the steps of the accounting cycle (listed below in random order) in the proper order.