For Office Supplies,the Category of Account and Its Normal Balance

question 145

Multiple Choice

For Office Supplies,the category of account and its normal balance is ________.

• A) liabilities and a debit balance
• B) assets and a debit balance
• C) liabilities and a credit balance
• D) assets and a credit balance

---

Definitions:

Expense Accounts

Categories in financial accounting used to track money spent on operations and other costs by a business.

Accrued Revenues

Income earned but not yet received or recorded at the end of an accounting period, reflecting revenues for services performed or goods sold but not yet billed.

Asset Accounts

Accounts that record the value of everything a company owns and uses to generate revenue.

Liability Accounts

Accounts on a company's balance sheet that represent what it owes to others, such as loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.