Which of the following accounts has a credit balance?
...Which of the following accounts has a credit balance?
Capital
Cash
Drawings
Premises
Correct answer is A
Normal balance is the side where the balance of the account is normally found. Asset accounts normally have debit balances, while liabilities and capital normally have credit balances. Income has a normal credit balance since it increases Capital .
Why should a new partner contribute towards goodwill on his admission? ...
Subscription in advance is treated in the Balance sheet of non-profit making organizations as ...
The accounting concept which is the basis upon which assets of a business are valued is the ...
The accounting method that reports incomes when earned and expenses when incurred is called? ...
Which of the following is not found in a trial balance? ...
In a control account, provision for bad debts is found on the ...
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000. Creditors N50,000 Debtors N...