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Accounting Basics Quiz

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Questions and Answers

Which accounts have normal credit balances?

Assets and Expenses

Expenses and Revenues

Liabilities and Revenues (correct)

Assets and Liabilities

What is the normal debit balance for expenses?

Liabilities

Revenues

Expenses (correct)

Assets

According to the Expense recognition principle, when should revenue be recognized in a service type of business?

When the service or product is manufactured

When the service or product is ordered

When the service or product is paid for

When the service or product is delivered (correct)

Why are adjusting entries required?

To properly record accrued expenses Signup and view all the answers

What happens to stockholders equity when expenses are incurred?

It decreases Signup and view all the answers

Which side of an account shows the normal debit balance?

Debit side Signup and view all the answers

What is the purpose of an income statement?

To report the profitability of a company Signup and view all the answers

What is the first step in the accounting process?

Identify and analyze business transactions Signup and view all the answers

Which accounts have normal credit balances?

Liabilities and Revenues Signup and view all the answers

What is the purpose of a retained earnings statement?

To report changes in retained earnings Signup and view all the answers

Accounting Basics Quiz

Choose a study mode

Podcast

Questions and Answers

Which accounts have normal credit balances?

What is the normal debit balance for expenses?

According to the Expense recognition principle, when should revenue be recognized in a service type of business?

Why are adjusting entries required?

What happens to stockholders equity when expenses are incurred?

Which side of an account shows the normal debit balance?

What is the purpose of an income statement?

What is the first step in the accounting process?

Which accounts have normal credit balances?

What is the purpose of a retained earnings statement?

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Accounting Basics Quiz

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