8 Questions
Which side of the account is called the Normal Balance of the account?
Credit side
Which of the following accounts is considered a Permanent Account?
Asset accounts
Where are Revenue accounts typically found?
Income Statement
Which ledger should transactions recorded in Special Journals be posted to?
General Ledger
What does 'Doc.No.' indicate in journal entries?
Source Document used for the journal entry
Which type of accounts are typically found on the Balance Sheet?
Liabilities accounts
In journal entries, what does 'Post Ref.' indicate?
Cross-reference between a Journal and a Ledger
Where should Expense accounts typically be found?
'Income Statement'
This quiz covers accounting fundamentals related to account balances, normal balance, and the chart of accounts. Learn about the side of the account that is increased, the normal balance, and how the chart of accounts is essential for recording financial transactions in business.
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