QUIZ 8 FUNDAMENTALS OF ACCOUNTING

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Journal entries are used to record financial transactions in chronological order.

1 point

True

False

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Every journal entry involves at least two accounts - a debit and a credit.

1 point

True

False

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Debit entries always increase the balance of an account.

1 point

True

False

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Credits decrease the balance of liability accounts.

1 point

True

False

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Expenses are increased with a credit entry.

1 point

True

False

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Journal entries are not required for non-financial transactions.

1 point

True

False

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The accounting equation (Assets = Liabilities + Equity) must always balance after each journal entry.

1 point

True

False

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Revenues are increased with a debit entry.

1 point

True

False

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Journal entries are only used in manual accounting systems.

1 point

True

False

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A contra account has a normal balance opposite to the main account it is associated with.

1 point

True

False

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