A credit is not the normal balance for which account

Asked by admin @ 10/11/2021 in Business viewed by 315 People

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 account. b.The excess of the credits of an asset account over the debits is the balance of the account. c.The excess of the credits of a stockholder's equity account over the debits is the balance of the account. d.The excess of the debits of an expense account over the credits is the balance of the account.

Answered by admin @ 10/11/2021

Answer:

B. The excess of the credits of an asset account over the debits is the balance of the account.

Explanation:

The normal balance of an Asset is DEBIT.

So saying that the excess of the credits over the debits will be the balance of the account is not true.

Choice A is true since Liabilities are normally credits.

Choice C is also true since stockholder's equity are normally credits.

Lastly, Choice D is true because Expenses are normally credits.

Able, baker, and charles are engaged in the marketing to and enrollment of beneficiaries into medicare health plans. mr. able is an independent agent paid directly by a health plan. ms. baker is an independent agent paid through a field marketing organization (fmo). mr. charles is an independent agent paid for his work by a third-party marketing organization (tmo). how do the cms compensation rules apply to these three agents?

Asked by maham237 @ 13/01/2021 in Business viewed by 2750 persons

A credit is not the normal balance for which account

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