An account is said to have a debit balance if
A) the footing of the debits exceeds the footing of the credits.
B) there are more entries on the debit side than on the credit side.
C) its normal balance is debit without regard to the amounts or number of entries on the debit side.
D) the last entry of the accounting period was posted on the debit side.
12) A debit may signify a(n)
A) increase in asset accounts.
B) increase in liability accounts.
C) increase in the capital account.
D) decrease in expense accounts.
13) A credit may signify a(n)
A) increase in assets.
B) decrease in liabilities.
C) increase in capital.
D) increase in withdrawals.
14) Which of the following types of accounts has a normal credit balance?
15) Which of the following types of accounts has a normal debit balance?
D) All of these answers are correct.
16) When recording transactions in two or more accounts and the totals of the debits and credits are equal, it is called
D) double-entry bookkeeping.
17) Which of the following groups of accounts have a normal debit balance?
A) Revenue, liabilities, and capital
B) Assets, capital, and withdrawals
C) Liabilities, expenses, and assets
D) Assets, expenses, and withdrawals
18) The ledger is
A) a group of accounts that records data from business transactions.
B) a tool used to make sure that all accounts have normal balances.
C) a chronological record of the day's transactions.
D) a tool used to ensure that debits equal credits.
19) Which of the following accounts would be increased by a debit?
B) Accounts Payable
D) Fees Earned
20) What is the proper entry to show the owner making an investment in the company?
A) A credit to Cash and a debit to Capital
B) A debit to Cash and a credit to Capital
C) A debit to Cash and a credit to Revenue
D) A credit to Cash and a debit to Revenue
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