Double-Entry Accounting Quiz: 20 Questions

📚 New! Get my 2nd Edition Accounting Cheat Sheet Bundle → https://accountingstuff.com/shop How well do you know Double-Entry Accounting? Let’s find out! I’m James, you’re watching Accounting Stuff, and today I’ve put together 20 multiple-choice questions for you. You know the drill! Grab a pen, play along and remember to share your score in the comments at the end! Can you get 20 out of 20? 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:15 - Q1: What does the word “entry” mean in Double-Entry Accounting? 00:43 - Q2: Single-Entry Accounting and Double-Entry Accounting are both ______ . 01:10 - Q3: In Single-Entry Accounting, a transaction is recorded once ______. 01:42 - Q4: In Double-Entry Accounting, every accounting entry must ______ . 02:12 - Q5: Which core concept is the foundation of Double-Entry Accounting? 02:40 - Q6: What is the Accounting Equation? 03:15 - Q7: What is the main advantage of Double-Entry Accounting over Single-Entry Accounting? 03:54 - Q8: In Double-Entry Accounting, every financial transaction affects ______ . 04:25 - Q9: Which terms represent the two sides of Double-Entry Accounting? 04:54 - Q10: Who is credited with popularising Double-Entry Accounting? 05:31 - Q11: Can you tell me the name of his famous book? 06:09 - Q12: By convention, where do Debits and Credits go in an account? 06:48 - Q13: Debits increase the balance of which account? 07:18 - Q14: Credits increase the balance of which account? 07:47 - Q15: Credits decrease the balance of which account? 08:14 - Q16: Debits decrease the balance of which account? 08:48 - Q17: A business receives a $600 electricity bill but hasn’t paid it yet. It credits Accounts Payable by $600. What is the other entry? 09:27 - Q18: A business buys equipment for $2,000, paying the full amount in cash. It debits Equipment by $2,000. What is the other entry? 10:06 - Q19: A business sells services worth $1,000 on credit. It credits Service Revenue by $1,000. What's the other entry? 10:48 - Q20: A business pays $800 to a supplier to settle an outstanding debt. It credits Cash by $800. What is the other entry? 11:30 - Bonus Question: Which year did Luca Pacioli publish the Summa de Arithmetica? 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff