12) An account is said to have a debit balance if: A) its normal balance is debi

Question

12) An account is said to have a debit balance if:
A) its normal balance is debit without regard to the amounts or number of entries on the debit
side.
B) the amount of the debits exceeds the amount of the credits.
C) the last entry of the accounting period was posted on the debit side.
D) there are more entries on the debit side than on the credit side.

13) The trial balance is prepared from:
A) the beginning balance in the ledger.
B) ending balances in the ledger.
C) the transactions during the year.
D) None of these answers are correct.

14) On which financial statement would Sports Fees Earned be shown?
A) Income statement
B) Owner

Explanation / Answer

B C A

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.