Debit and Credit Quiz: Test Your Bookkeeping Basics
This debit and credit quiz helps you practice double-entry bookkeeping, check normal balances, and see where you need review. When you're done, deepen your skills with our journal entry quiz and a double entry bookkeeping test, or step back for a fundamentals of accounting quiz to refresh the basics.
Study Outcomes
- Apply Double-Entry Principles -
Apply the core rules of double-entry bookkeeping to accurately record business transactions using debit and credit practice in our free scored quiz.
- Identify Account Entries -
Identify which accounts to debit and which to credit for a variety of real-world scenarios presented in the debits and credits quiz.
- Analyze Transaction Impact -
Analyze how each transaction affects the accounting equation and overall financial statements during the double-entry bookkeeping quiz.
- Balance Ledger Entries -
Balance every entry to ensure the books remain in equilibrium, enhancing your ledger skills and confidence.
- Evaluate Quiz Feedback -
Evaluate instant feedback to correct mistakes, reinforce debit credit practice, and track progress toward mastering bookkeeping techniques.
Cheat Sheet
- Normal Account Balances -
Every account has a "home" side: assets and expenses normally carry debit balances, while liabilities, equity, and revenues carry credit balances. According to the University of Minnesota's accounting resources, recognizing these normals helps you breeze through your debits and credits quiz by spotting imbalances instantly.
- Fundamental Accounting Equation -
Assets = Liabilities + Equity is the bedrock of double-entry bookkeeping; every debit you record must be matched by an equal credit. The IFRS Foundation emphasizes this balance, ensuring your ledger always stays in harmony during debit and credit practice sessions.
- DEALER Mnemonic Trick -
Remember "DEALER": Debits increase Expenses, Assets, and Losses; Credits increase Liabilities, Equity, and Revenue. This easy phrase - endorsed by accounting professors at Indiana University - turns memorization into a breeze when mastering your next double-entry bookkeeping quiz.
- Trial Balance Verification -
Preparing a trial balance lets you verify that total debits equal total credits before finalizing financial statements. As noted by KPMG's learning portal, regular trial balance checks are your best defense against posting errors in real-world transaction entries.
- Real-World Transaction Examples -
Practice entries like "Purchasing inventory on credit" (debit Inventory, credit Accounts Payable) and "Receiving cash from customers" (debit Cash, credit Sales Revenue). The AICPA's sample journals demonstrate that varied scenarios build confidence and sharpen your accuracy on a debits and credits quiz.