In an Accrual Accounting System

question 56

Multiple Choice

In an accrual accounting system,

• A) all accounts have normal debit balances.
• B) a debit entry is recorded on the left-hand side of an account.
• C) liabilities,owner's capital,and dividends all have normal credit balances.
• D) revenues are recorded only when cash is received.

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Definitions:

Syncline

A fold, generally concave upward, with the youngest rocks in the center.

Cleavage

A property of minerals that describes their tendency to break along flat surfaces based on their crystalline structure.

Strike-Slip Fault

A type of fault where rocks on either side move horizontally past one another, typically a result of shear stress.

Oblique-Slip Faults

Faults that exhibit both vertical and horizontal movement, combining characteristics of strike-slip and dip-slip (normal or reverse) faults.