Which of the Following Accounts Does Not Have a Normal

question 132

Multiple Choice

Which of the following accounts does not have a normal debit balance?

• A)Wages Expense
• B)Service Revenue
• C)Accounts Receivable
• D)Cash

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Definitions:

Errors Discovered

The identification of mistakes in the financial information or transactions of an organization.

Financial Statements

Reports prepared by a company that give stakeholders an overview of the company's financial condition, including balance sheets, income statements, and cash flow statements.

Disclosure in Notes

Providing additional information and context to items in the financial statements within the notes section, aiding in transparency and understanding.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board for global use.