The normal balance of liability account is____________?

Related Mcqs:

1. 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

2. 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

3. The normal balance of asset account is____________?

   A. Credit balance
   B. Debit balance
   C. Cash balance
   D. Neither debit nor credit balance

4. 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

5. The normal balance of capital account is_____________?

   A. Credit balance
   B. Debit balance
   C. Cash balance
   D. Neither debit nor credit balance

6. Which of the following is the normal balance of a rent expense account?

   A. Credit balance
   B. Cash balance
   C. Overdraft
   D. Debit balance

7. 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

8. Building account is classified as _________ account?

   A. Nominal
   B. Real
   C. Cash
   D. Capital

9. An account records the ___________ in the balance of an item?

   A. Increase
   B. Decrease
   C. Increase or decrease
   D. Appreciation

10. Which of the following is the closing balance of a ledger account?

    A. Balance c/d
    B. Balance b/d
    C. Balance e/d
    D. Balance f/c