The Normal Balance of Any Account Is the

question 32

Multiple Choice

The normal balance of any account is the

• A) left side.
• B) right side.
• C) side which increases that account.
• D) side which decreases that account.

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Definitions:

Payment

The act of giving money in exchange for goods or services.

EOM

End of Month, a term often used in the context of finance and accounting to denote processes or evaluations performed at the close of the month.

Settle

To resolve or conclude an agreement or debt, often implies paying off a balance owed.

Invoice

A document sent by a seller to a buyer, detailing a transaction and requesting payment.