Question

The following accounts have normal credit balances? a. liabilities b. revenues c. assets d. all of the listed accounts have a normal debit balance.

Answer 1

So the correct option is D, Because increases in any account are often bigger than losses, accounts with normal balances are on the side where increases go. As a result, the owner's drawing, spending, and asset accounts typically have negative balances. Accounts for liabilities, income, and owner capital typically have credit balances.

What is Financial Statement?
Financial statements are written documents that convey the business activities and the financial performance of a corporation. The balance sheet, income statement, statement of cash flow, and statement of changes in equity are the four primary financial statements for for-profit entities. Nonprofit organizations employ a comparable but different set of financial statements.

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