Questions and Answers
What type of account is Accounts Payable?
What is the normal balance for Accounts Receivable?
What type of account is Accumulated Depreciation?
What type of account is Additional Paid-In-Capital?
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What is the normal balance for Advertising Expense?
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What type of account is Bonds Payable?
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What is the normal balance for Cash?
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What type of account is Dividends Payable?
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What is the normal balance for Equipment?
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What type of account is Income Tax Payable?
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What is the normal balance for Supplies Expense?
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Study Notes
Accounting Classification of Accounts
- Accounts Payable: Current liability with a normal balance of credit; listed on the balance sheet.
- Accounts Receivable: Current asset with a normal balance of debit; appears on the balance sheet.
- Accumulated Depreciation: Considered property, plant, and equipment; normal balance is credit; found on the balance sheet.
- Additional Paid-In Capital: Part of stockholder's equity; normal balance is credit; reported on the balance sheet.
- Advertising Expense: An operating expense with a normal balance of debit; shown on the income statement.
- Allowance for Bad Debts: A current asset with a normal balance of credit; included on the balance sheet.
- Bad Debt Expense: Operating expense with a normal balance of debit; reflected in the income statement.
- Bonds Payable: A long-term liability with a normal balance of credit; recorded on the balance sheet.
- Building: Classified as property, plant, and equipment with a debit balance; found on the balance sheet.
- Common Stock: Represents stockholder's equity; normal balance is credit; appears on the balance sheet.
- Cash: A current asset with a normal balance of debit; listed on the balance sheet.
- Cost of Goods Sold: An expense with a normal balance of debit; shown in the income statement.
- Deferred Income Taxes Payable: Long-term liability with a normal balance of credit; on the balance sheet.
- Discount on Bonds Payable: Long-term liability classified as a debit; found on the balance sheet.
- Dividends: Represents stockholder's equity with a normal balance of debit; included in the statement of changes in stockholder's equity.
- Dividends Payable: A current liability with a normal balance of credit; recorded on the balance sheet.
- Equipment: Considered property, plant, and equipment; normal balance is debit; included in the balance sheet.
- Factory Overhead: Classified as a temporary account with a normal balance of debit.
- Finished Goods: A current asset with a normal balance of debit; listed on the balance sheet.
- Gain on Sale of Assets: Other income with a normal balance of credit; reflected on the income statement.
- Goodwill: An intangible asset with a normal balance of debit; found on the balance sheet.
- Income Tax Expense: An expense with a normal balance of debit; shown in the income statement.
- Income Tax Payable: A current liability with a normal balance of credit; included on the balance sheet.
- Insurance Expense: An expense with a normal balance of debit; appears in the income statement.
- Interest Expense: Classified as other expense with a normal balance of debit; recorded in the income statement.
- Interest Payable: A current liability with a normal balance of credit; found on the balance sheet.
- Interest Receivable: Current asset with a normal balance of debit; included on the balance sheet.
- Interest Revenue: Other income with a normal balance of credit; shown in the income statement.
- Land: Property, plant, and equipment with a normal balance of debit; included on the balance sheet.
- Loss on Sale of Assets: Other expense with a normal balance of debit; reflected in the income statement.
- Mortgage Payable: Long-term liability with a normal balance of credit; reported on the balance sheet.
- Merchandise Inventory: Current asset with a normal balance of debit; found on the balance sheet.
- Notes Payable: Liability (current or long-term) with a normal balance of credit; shown on the balance sheet.
- Notes Receivable: Asset (current or long-term) with a normal balance of debit; included on the balance sheet.
- Patents: Intangible asset with a normal balance of debit; recorded on the balance sheet.
- Additional Paid-in Capital - Treasury: Stockholder's equity with a normal balance of credit; appears on the balance sheet.
- Paid-in Capital in Excess of Par: Stockholder's equity with a normal balance of credit; listed on the balance sheet.
- Premium on Bonds Payable: Long-term liability with a normal balance of credit; included on the balance sheet.
- Prepaid Insurance: Current asset with a normal balance of debit; found on the balance sheet.
- Prepaid Rent: A current asset with a normal balance of debit; recorded on the balance sheet.
- Preferred Stock: Part of stockholder's equity; normal balance is credit; included on the balance sheet.
- Raw Materials: Current asset with a normal balance of debit; found on the balance sheet.
- Rent Expense: Operating expense with a normal balance of debit; reflected in the income statement.
- Rent Revenue: Other income with a normal balance of credit; included in the income statement.
- Retained Earnings: Represents stockholder's equity with a normal balance of credit; shown on the balance sheet.
- Salaries Expense: An operating expense with a normal balance of debit; listed on the income statement.
- Salaries Payable: Current liability with a normal balance of credit; reported on the balance sheet.
- Sales: Revenue with a normal balance of credit; included in the income statement.
- Sales Discounts: A contra-revenue with a normal balance of debit; reflected in the income statement.
- Sales Returns and Allowances: Another contra-revenue with a normal balance of debit; shown in the income statement.
- Stock Dividends: Stockholder's equity with a normal balance of debit; reported in the statement of changes in stockholder's equity.
- Supplies: Current asset with a normal balance of debit; found on the balance sheet.
- Supplies Expense: Operating expense with a normal balance of debit; included in the income statement.
- Treasury Stock: Stockholder's equity with a normal balance of debit; recorded on the balance sheet.
- Unearned Revenue: Current liability with a normal balance of credit; included on the balance sheet.
- Utilities Expense: An operating expense with a normal balance of debit; found in the income statement.
- Work-In-Progress: A current asset with a normal balance of debit; included on the balance sheet.
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Description
Test your understanding of fundamental accounting concepts including various account types and their normal balances. This quiz covers topics such as Accounts Payable, Receivable, Accumulated Depreciation, and more. Perfect for students learning about basic accounting principles.
