T-Account Quiz: 20 Questions for Beginners

📚 New! Get my 2nd Edition Accounting Cheat Sheet Bundle → https://accountingstuff.com/shop How well do you know T-Accounts? Let’s find out! I’m James, you're watching Accounting Stuff, and today I’ve prepared 20 multiple-choice questions for you. We’ll start with the basics, but don’t get too comfortable, things will get tougher fast. So grab a pen, keep score, and remember to share your result in the comments at the end! 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:22 - Q1: An Account is a place where a business ______ . 00:57 - Q2: A T-Account is a _____ representation of an account. 01:22 - Q3: What does the “T” in T-Account represent? 01:48 - Q4: The Account Name goes on the ______ of a T-Account. 02:11 - Q5: Credits are recorded on the ______ of a T-Account. 02:35 - Q6: Debits are recorded on the ______ of a T-Account. 02:54 - Q7: The balance of a T-Account is calculated by ______ . 03:25 - Q8: If the Credit side of a T-Account is greater than the Debit side, the account has a ______ . 03:54 - Q9: If the debit and credit sides of a T-Account are equal, the account has a ______ . 04:25 - All-in-One Accounting Cheat Sheet Bundle (Second Edition) 04:40 - Q10: Which type of T-Account has a normal balance on the left side? 05:10 - Q11: Which type of T-Account has a normal balance on the right side? 05:41 - Q12: Where would you expect to find the opening balance of a Marketing Expenses T-Account? 06:10 - Q13: Which side of a T-Account is used to record an increase in Accounts Payable? 06:43 - Q14: Which side of a T-Account is used to record a decrease in Common Stock? 07:13 - Q15: Which side of a T-Account is used to record a decrease in Inventory? 07:42 - Q16: Which side of a T-Account is used to record an increase in Dividends Declared? 08:12 - Q17: Where would you expect to find the closing balance of a Service Revenue T-Account? 08:41 - Q18: A business has an opening balance of $2,000 in Accounts Receivable. During the month, they receive a $500 payment from a customer. What is the closing balance of the T-Account? 09:29 - Q19: A business has an opening balance of $12,000 in Sales Revenue. During the month, they earn $5,000 in revenue and close the account. What is the closing balance of the T-Account? 10:22 - Q20: A business has a closing balance of $9,000 in Accounts Payable. During the month, they purchased $4,000 of goods on credit and paid out $2,500 to suppliers. What was the opening balance of the T-Account? 11:19 - Bonus Question: If Total Debits in all T-Accounts equal Total Credits, what does this tell you? 🔎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