The Normal Balance of an Expense Account Is a While

question 88

Multiple Choice

The normal balance of an expense account is a while the normal balance of a revenue account is a .

• A) credit; credit
• B) debit; debit
• C) credit; debit
• D) debit; credit

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Definitions:

Monetary Unit

The standard unit of currency in which financial transactions are recorded and reported in a company's financial statements.

Settlement Date

The day on which cash is received or paid.

Exchange Rate

The price at which one currency can be exchanged for another, influencing international trade and investments.

Credit Terms

The conditions, including payment deadlines and interest, under which credit is extended by a seller to a buyer.