The credit balance of income and expenditure account

Asked by admin @ 26/08/2021 in Accountancy viewed by 483 People

The credit balance of an income and expenditure account indicates Deficit

Answered by admin @ 26/08/2021

Answer:

Definition and Explanation:

The balance of the account, if credit, indicates surplus, i.e. excess of income over expenditure. Conversely, the balance of the account, if debit, indicates deficit, i.e. excess of expenditure over income.

Sales discounts is a revenue account with a credit balance

Asked by admin @ 22/11/2021 in Business viewed by 309 persons

The Sales Discounts Forfeited account ________. Select one: A. represents additional sales revenue B. is a contra Sales Revenue account C. is a balance sheet account D. represents the discount …

A credit is not the normal balance for which account

Asked by admin @ 10/11/2021 in Business viewed by 310 persons

Assuming normal balances, which of the following statements is not true for T accounts? a.The excess of the credits of a liability account over the debits is the balance of …

The normal balance of an expense account is a credit

Asked by admin @ 10/11/2021 in Business viewed by 276 persons

For the accounts listed below, indicate if the normal balance of the account is a debit or credit. Accounts Normal Balance 1. Service Revenue 2. Rent Expense 3. Accounts Receivable …

Does accounts receivable have a normal debit or credit balance

Asked by admin @ 29/10/2021 in Business viewed by 318 persons

Account(s) with a normal credit balance include:_________. A) Accounts Receivable B) Allowance for Uncollectible Accounts C) Bad Debt Expense D) Cash E) Sales Revenue

Which of the following accounts have only credit balance

Asked by admin @ 17/08/2021 in Accountancy viewed by 457 persons

Which of the following accounts have only credit balance? (a) Reserve fund account (b) Capital account (c) Accounts payable (d) All of these

What do you mean by income and expenditure account

Asked by admin @ 16/08/2021 in Accountancy viewed by 456 persons

What do you mean by income and expenditure account

Which of the following accounts has a normal credit balance

Asked by maham237 @ 01/01/2021 in Business viewed by 323 persons

Which of the following types of accounts have a normal credit balance? A. liabilities and expenses B. common stock and dividends C. revenues and common stock D. assets and liabilities

Income and expenditure account is a real account

Asked by admin @ 25/08/2021 in Accountancy viewed by 489 persons

Income and expenditure account is a nominal account ( true/ false

Any credit balance in a vendor subsidiary account is an unpaid balance owed

Asked by maham237 @ 01/12/2020 in Business viewed by 322 persons

true or false.

Credit balance of bank account in cash book shows

Asked by admin @ 13/08/2021 in Accountancy viewed by 540 persons

Credit balance in the bank column of cash book shows:

After each transaction the accounting equation must remain in balance

Asked by admin @ 27/11/2021 in Business viewed by 336 persons

Which of the following statements below lists the rules of entering transactions into the accounting equation? a. The accounting equation can be out of balance only when payment will be …

Which of the following accounts has a normal debit balance

Asked by admin @ 26/11/2021 in Business viewed by 371 persons

Which accounts have a normal credit balance? choose all answers that are correct A) Supplies B) Accounts Payable C) Cash D) Insurance E) Capital F) Sales

Which of the following accounts normally has a debit balance

Asked by admin @ 26/11/2021 in Business viewed by 324 persons

For the following, mark a "D" if the following account normally has a debit balance and mark a "C" if the following account normally has a credit balance. 1. Notes …

The post closing trial balance contains balance sheet accounts only

Asked by admin @ 05/11/2021 in Business viewed by 317 persons

A post closing trial balance is a list of permanent accounts and their balances afterclosing entries have been journalized and recorded in the accounting system. These accounts will be carried …

The current account in a nation's balance of payments includes

Asked by admin @ 05/11/2021 in Business viewed by 305 persons

Which of the following are included in a nation’s balance of payments accounts?I. International tradingII. International lendingIII. Domestic investmentI only.I and II only.I and III only.II and III only.