ACCOUNTING QUIZZES for Beginners - Debit and Credit Quiz: 20 Questions for Beginners

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com So you think you know Debits and Credits? Let’s find out. In this video, I’ve prepared 20 multiple-choice quiz questions to test your knowledge of Debits, Credits and Double-Entry Accounting. We’ll start with the basics, then move on to trickier scenarios that every accountant should know. Keep track of your score and remember to share it in the comments — can you get 20/20? Whether you’re studying for your accounting exam, brushing up on bookkeeping skills or just learning the basics, this quiz will sharpen your understanding of how debits and credits work. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:20 - Q1: In Double-Entry Accounting, every transaction ______ . 00:53 - Q2: Debits and credits are best described as ____ . 01:28 - Q3: Debits are recorded on the ____ side of the ledger. 02:00 - Q4: Credits are recorded on the ____ side of the ledger. 02:24 - Q5: A debit increases which type of account? 02:56 - Q6: A credit increases which type of account? 03:29 - All-in-One Accounting Cheat Sheet Bundle (Second Edition) 03:49 - Q7: Do you debit or credit Cash to increase it? 04:11 - Q8: Do you debit or credit Cost of Sales to decrease it? 04:37 - Q9: Do you debit or credit Sales Revenue to increase it? 05:07 - Q10: Do you debit or credit Retained Earnings to increase it? 05:31 - Q11: Do you debit or credit Dividends to decrease it? 05:54 - Q12: Do you debit or credit Accrued Expenses to decrease it? 06:27 - Q13: A business provides services to a client on credit. Which account is debited? 07:06 - Q14: A business pays a supplier for inventory that was purchased on account. Which account is credited? 07:45 - Q15: A business records depreciation on its equipment. Which account is credited? 08:31 - Q16: A business writes off an uncollectible account that wasn’t provided for. Which account is debited? 09:10 - Q17: A business provides services to a client but hasn’t billed them by the end of the month. Which account should they debit? 09:49 - Q18: A business uses electricity but hasn’t received the bill by the end of the month. Which account should they credit? 10:29 - Q19: When closing a revenue account at the end of an accounting period, which account is credited? 11:08 - Q20: A business sells inventory for $500 cash. It originally cost $300. Which accounts are debited? 11:59 - Bonus Question: The main purpose of the _____ is to check that Total Debits equal Total Credits. 🔎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