Which of the Following Accounts Normally Has a Debit Balance

question 65

Multiple Choice

Which of the following accounts normally has a debit balance?

• A)Prepaid Insurance
• B)Unearned Service Revenue
• C)Accounts Payable
• D)Common Stock

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Definitions:

Financial Outcomes

The monetary results of an organization's operations and activities, reflecting its financial health and profitability.

Traditional Accounting System

An accounting system primarily focused on the preparation of financial statements and compliance with accounting standards, often with less emphasis on detailed cost tracking or management decision support.

Current Performance

The present level of achievement or results shown by an individual, team, or entity, often assessed in the context of goals or benchmarks.

Previous Year's Performance

An analysis of financial or operational results from the preceding year, often used as a benchmark for current performance.