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ICAG (Ghana) Double Entry Bookkeeping — practice questions

Explore 30 free Double Entry Bookkeeping questions in ICAG (Ghana) Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Double Entry Bookkeeping questions and exercises with answers

Showing questions 1–30 of 30.

A bookkeeper checks her work by confirming that the two sides of one relationship always match. That relationship is the:Read the answer and worked solution →Put plainly, everything a company owns must equal everything it owes to lenders and to:Read the answer and worked solution →A record showing increases and decreases to assets, liabilities and equity is called an:Read the answer and worked solution →A debit records information on which side of an account?Read the answer and worked solution →A credit therefore records information on the:Read the answer and worked solution →Every transaction touches at least two accounts, with at least one debit and at least one:Read the answer and worked solution →The side on which an account is expected to sit, being the side that increases it, is its:Read the answer and worked solution →A ledger account drawn as two columns under a heading looks like one letter, giving it its nickname. It is called a:Read the answer and worked solution →The very first place a transaction is entered into the accounting system is the:Read the answer and worked solution →Because information originally enters the system there, the journal is also called the book of:Read the answer and worked solution →A comprehensive listing of every account with its individual balance is the:Read the answer and worked solution →A list of all ledger accounts that carry nonzero balances is the:Read the answer and worked solution →Preparing an unadjusted trial balance comes at which step of the accounting cycle?Read the answer and worked solution →The first four steps are analyse transactions, record them in a journal, post to a ledger and:Read the answer and worked solution →The concepts, standards and rules guiding how financial statements are prepared and presented are known as:Read the answer and worked solution →A customer pays in advance for a service not yet provided. Revenue cannot be recorded yet under the:Read the answer and worked solution →Expenses must be recorded in the same period as the revenues they helped earn. That rule is the:Read the answer and worked solution →An asset must be recorded at its value on the date it was acquired. That is the:Read the answer and worked solution →A business must report any activity that could affect what appears in its statements. That is the:Read the answer and worked solution →When an estimate is genuinely uncertain, a company should report the most cautious figure. That idea is:Read the answer and worked solution →Statements are prepared on the assumption that the business will keep operating in the foreseeable future. That assumption is:Read the answer and worked solution →An owner's personal spending stays out of the company's statements. That rule follows from the:Read the answer and worked solution →Catch the books and recordsRead the answer and worked solution →Pop the accounting principlesRead the answer and worked solution →Run the bookkeeping gatesRead the answer and worked solution →Slice the accounting wordsRead the answer and worked solution →Left or rightRead the answer and worked solution →Sort the accounting wordsRead the answer and worked solution →Type the numberRead the answer and worked solution →Bookkeeping bingoRead the answer and worked solution →

Worked practice questions

A bookkeeper checks her work by confirming that the two sides of one relationship always match. That relationship is the:

  1. Accounting equation
  2. Advertising equation
  3. Actuarial equation
  4. Allocation equation
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Correct answer: A. Accounting equation

1. Assets sit on one side. 2. Liabilities and equity sit on the other. 3. It is the accounting equation. _Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

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Put plainly, everything a company owns must equal everything it owes to lenders and to:

  1. The suppliers
  2. The owners
  3. The customers
  4. The auditors
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Correct answer: B. The owners

1. Two groups have claims. 2. Lenders are the first. 3. The second group is the owners. _Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

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A record showing increases and decreases to assets, liabilities and equity is called an:

  1. Account
  2. Appendix
  3. Advert
  4. Auction
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Correct answer: A. Account

1. It tracks one item over time. 2. Ledgers are built from them. 3. It is an account. _Source: OpenStax Principles of Financial Accounting, Chapter 3, Analyzing and Recording Transactions._

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More Accounting topics

AccountingBookkeepingFinancial Accounting