The normal balance of an account is the: Multiple Choice side of the T account on...
The normal balance of an account is the:
Multiple Choice
-
side of the T account on which it increases.
-
side of the T account on which it decreases.
-
the left side of the account.
-
the right side of the account.
Homework Answers
An accounts assigned normal balance is on the side where increases go because the increase in any account are usually greater than the decreases.
Hence, option A is the correct answer.
SUMMARY:
The assets, expenses, owners drawings account have debit balances and revenue, liability have credit balances. For example, if asset is purchased for cash, asset account is increased by such amount.
Hence, option A is the correct answer.
Add Answer to:
The normal balance of an account is the:
Multiple Choice
side of the T account on...
A credit: Multiple Choice Always decreases an account. Is the right-hand side of a T-account Always...
A credit: Multiple Choice Always decreases an account. Is the right-hand side of a T-account Always increases an account is the left hand side of a T account Always increases asset accounts
Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases...
Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases stockholders' equity Is equal to the balance in cash. Increases stockholders' equity Next Prev 29 of 30 Which of the following is a reason that a corporation would prefer to issue stock instead of bonds? Multiple Choice Dividend payments can be deducted for income tax purposes but interest payments cannot O 2) Expansion is accomplished without surrendering ownership control. The risk of going bankrupt...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable...
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The normal balance of dividends is a debit o The normal balance of unearned revenues is a credit. o The normal balance of an expense account is a credit. o The normal balance of the common stock account is a credit
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O...
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount....
A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would: Multiple Choice Debit Equipment $4,000; Credit Accounts Payable $4,000 Debit Equipment $1,500: Credit Cash $1,500 Debit Equipment $5,500; Credit Cash $1.500 and Credit Accounts Payable $4.000 Debit Equipment $5,500; Credit Accounts Payable $5,500 The total of the figures on the left side of a Cash T account is $27,800. The total of the figures on the right...
The left side of an account is the balance of the account. blank. the debit side....
The left side of an account is the balance of the account. blank. the debit side. O a description of the account.
^answes for question ^multiple choice for that question Which of the following statements regarding debits and...
^answes for question
^multiple choice for that question
Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not...
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not needed to record a transaction. D) Is the left-hand side of a T-account. E) Is the right-hand side of a T-account. 5) Resources a company owns or controls that are expected to yield future benefits are: A) Liabilities. B) Stockholders' Equity. C) Assets. D) Expenses. E) Revenues
A credit: Multiple Choice Always decreases an account. Is the right-hand side of a T-account Always increases an account is the left hand side of a T account Always increases asset accounts
Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases stockholders' equity Is equal to the balance in cash. Increases stockholders' equity Next Prev 29 of 30 Which of the following is a reason that a corporation would prefer to issue stock instead of bonds? Multiple Choice Dividend payments can be deducted for income tax purposes but interest payments cannot O 2) Expansion is accomplished without surrendering ownership control. The risk of going bankrupt...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The normal balance of dividends is a debit o The normal balance of unearned revenues is a credit. o The normal balance of an expense account is a credit. o The normal balance of the common stock account is a credit
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would: Multiple Choice Debit Equipment $4,000; Credit Accounts Payable $4,000 Debit Equipment $1,500: Credit Cash $1,500 Debit Equipment $5,500; Credit Cash $1.500 and Credit Accounts Payable $4.000 Debit Equipment $5,500; Credit Accounts Payable $5,500 The total of the figures on the left side of a Cash T account is $27,800. The total of the figures on the right...
The left side of an account is the balance of the account. blank. the debit side. O a description of the account.
^answes for question
^multiple choice for that question
Which of the following statements regarding debits and credits is always correct? Multiple Choice The total value of all debits to a particular account must equal the total value of all credits to that account. O The total value of all debits recorded in the ledger must equal the total value of all credits recorded in the ledger. Debits decrease accounts while credits increase them. The normal balance for an account is...
The balance in the Work in Process Inventory account equals: Multiple Choice O the balance in the Finished Goods Inventory account O the balance in the cost of Goods Sold account O the balances on the job cost sheets of uncompleted jobs O the balance in the Manufacturing Overhead account
4) A debit: A) Always decreases an account. B) Always increases an account. C) Is not needed to record a transaction. D) Is the left-hand side of a T-account. E) Is the right-hand side of a T-account. 5) Resources a company owns or controls that are expected to yield future benefits are: A) Liabilities. B) Stockholders' Equity. C) Assets. D) Expenses. E) Revenues
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