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Questions and Answers
Which side of the account is called the Normal Balance of the account?
Which side of the account is called the Normal Balance of the account?
- Asset side
- Credit side (correct)
- Debit side
- Liability side
Which of the following accounts is considered a Permanent Account?
Which of the following accounts is considered a Permanent Account?
- Revenue accounts
- Liabilities accounts
- Asset accounts (correct)
- Expense accounts
Where are Revenue accounts typically found?
Where are Revenue accounts typically found?
- Income Statement (correct)
- Trial Balance
- Balance Sheet
- General Ledger
Which ledger should transactions recorded in Special Journals be posted to?
Which ledger should transactions recorded in Special Journals be posted to?
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What does 'Doc.No.' indicate in journal entries?
What does 'Doc.No.' indicate in journal entries?
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Which type of accounts are typically found on the Balance Sheet?
Which type of accounts are typically found on the Balance Sheet?
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In journal entries, what does 'Post Ref.' indicate?
In journal entries, what does 'Post Ref.' indicate?
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Where should Expense accounts typically be found?
Where should Expense accounts typically be found?
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