Note – Please take our quiz ‘Quiz 44 – Rules of Debit and Credit – (Answers)‘ on this page before going through the below answers. Only the top 3% of our audience scored 10/10 in all of them.
- Name – Quiz 44 – Rules of Debit and Credit – (Answers)
- Topic – Rules of Debit and Credit
- Answers with Explanation
Q1. Credit balance in the Capital A/c means the amount is _____ to the owner of the business.
Ans. Credit balance in the Capital A/c means the amount due to the owner of the business.
Q2. Credit balance in the Bank Loan A/c means amount is _____ by the business.
Ans. Credit balance in the Bank Loan A/c means the amount payable by the business.
Q3. _____ balance in the Cash A/c means cash in hand.
Ans. Debit balance in the Cash A/c means cash in hand.
Q4. Credit balance of the Supplier’s A/c is a liability for a business.
Ans. The following statement is True.
Q5. Debit balance in Rent A/c is a/an ____ to the business.
Ans. Debit balance in Rent A/c is an expense to the business.
Q6. _____ balance in the Interest Paid A/c means an expense incurred by the business.
Ans. Debit balance in the Interest Paid A/c means an expense incurred by the business.
Q7. _____ balance in the Debtor’s A/c means the amount receivable against sales.
Ans. Debit balance in the Debtor’s A/c means the amount receivable against sales.
Q8. _____ balance in the Interest Received A/c means income earned by the business.
Ans. Credit balance in the Interest Received A/c means income earned by the business.
Q9. Debit balance in Salary A/c is a/an ____ to the business.
Ans. Debit balance in Salary A/c is an expense to the business.
Q10. Debit balance in Discount Received A/c means income earned by the business.
Ans. The following statement is False. Credit balance in Discount Received A/c means income earned by the business.
Q11. _____ balance in the Bank A/c means cash at bank.
Ans. Debit balance in the Bank A/c means cash at bank.
Q12. A debit balance is either an asset or an _____.
Ans. A debit balance is either an asset or an expense.
Q13. A credit balance shows the amount of expense incurred.
Ans. The following statement is False. A debit balance shows the amount of expense incurred.
Q14. Debit balance in Discount Allowed A/c is a/an ____ to the business.
Ans. Debit balance in Discount Allowed A/c is an expense to the business.
Q15. A credit balance in the Capital A/c shows the increase in the amount invested by the proprietor.
Ans. The following statement is True.
