A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balance
Related Mcqs:
- Which of the following account with normal balance is shown at the debit side of a trial balance?
A. Rent income account
B. Creditors account
C. Unearned income account
D. Cash account - Which of the following account with normal balance is shown at the credit side of a trial balance?
A. Cash account
B. Bank account
C. Equipment account
D. Accrued expenses account - The normal balance of liability account is____________?
A. Debit balance
B. Credit balance
C. Cash balance
D. Neither debit nor credit balance - An asset must be _______ by the business to be shown as an asset in its “balance sheet”
A. Possessed
B. Owned
C. Controlled
D. Used - If debit balance is greater than creadit balance then the account blance will be__________?
A. Credit balance
B. Debit and credit balance
C. Cash balance
D. Debit balance - The normal balance of capital account is_____________?
A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balance - Which of the following is the normal balance of a rent expense account?
A. Credit balance
B. Cash balance
C. Overdraft
D. Debit balance - Debit balance = Credit balance in a trial balance indicates that:
A. No error in recording transactions
B. No error in posting entries to ledger accounts
C. Account balances are correct
D. Mathematically Capital+Liabilities=Assets - Which of the following statements is true with regard to written down value method of depreciation?
i. The rate at which the asset is written off reduces year after year
ii. The amount of depreciation provided reduces from year to year
iii. The rate of depreciation as well as the amount of depreciation reduce year after year
iv. The value of the asset gets reduced to zero over a period of timeA. Only (i) above
B. Only (ii) above
C. Both (i) and (ii) above
D. (i),(ii) and (iii) above - The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
A. General Reserve A/c
B. Profit & Loss A/c
C. Asset A/c
D. Capital Reserve A/c
The correct answer to the question: "The normal balance of asset account is____________?" is "Debit balance ".
