An Account Will Have a Debit Balance If

question 183

Multiple Choice

An account will have a debit balance if:

• A)the amount of the credits exceeds the amount of the debits.
• B)the amount of the debits exceeds the amount of the credits.
• C)the account has more debit entries than credit entries.
• D)it is a liability account.

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Definitions:

End-Of-Period Spreadsheet

A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.

Net Income

The total profit of a company after all expenses, taxes, and costs have been deducted from total revenue.

End-Of-Period Spreadsheet

A tool used in accounting to compile all balances and adjustments at the period's end before generating financial statements.

Adjusted Trial Balance

A listing of all company accounts that will appear in the financial statements after adjusting entries are made, ensuring that total debits equal total credits.