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Accounting Debit or Credit?
Indicated wether the following transactions are debits or credits, assume all companies follow the IFRS standards of accounting.
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Last updated: October 31, 2024
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| First submitted | October 31, 2024 |
| Times taken | 904 |
| Average score | 53.3% |
| Rating | 4.67 | Report this quiz | Report |
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1. Increase in the cash account
Debit (Dr)
Credit (Cr)
2. Decrease in Accounts Payable
Debit
Credit
3. Increase in inventories
Debit
Credit
4. 'Normal' ending balance of inventories accounts
Debit
Credit
5. 'Normal' ending balance of accumulated depreciation/amortization
Debit
Credit
Depends on what is being depreciated/amortized
6. Increase in intangible assets
Debit
Credit
7. A company pays their outstanding balance of accounts payable: debit or credit to accounts payable
Debit
Credit
8. A company pays their outstanding balance of accounts payable: debit or credit to cash
Debit
Credit
9. Company ABC pays their outstanding balance to company XYZ: for company XYZ, is cash debited or credited?
Debit
Credit
10. Company ABC pays their outstanding balance to company XYZ: for company XYZ, is accounts payable debited or credited?
Debit
Credit
Accounts Payable is not affected in this situation
11. Company ABC pays their outstanding balance to company XYZ: for company XYZ, is accounts receivable debited or credited?
Debit
Credit
Accounts Receivable is not affected in this situation
12. A company accrues interest expense at month end: how is interest expense affected
Debit
Credit
Interest Expense is not affected in this situation
13. A company accrues interest expense at month end: how is interest payable affected?
Debit
Credit
Interest Payable is not affected in this situation
14. A company accrues interest expense at month end: how is interest receivable affected?
Debit
Credit
Interest receivable is not affected in this situation
15. A company makes a purchase on account: what happens to cash at the point of purchase?
Debit
Credit
Cash is not affected at the point of purchase
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2 Comments
AllHailKingHomer
+1
Level 81
Jun 27, 2025
Thanks for this 👍
AidanBBB
+1
Level 74
Feb 9, 2026
This is helping me study for my Midterm, Thank you bro
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