Which of the Following Accounts Does NOT Normally Have a Credit

question 53

Multiple Choice

Which of the following accounts does NOT normally have a credit balance?

• A) Accounts payable
• B) Retained profits
• C) Tax payable
• D) Wages expense

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Definitions:

Ex-Rights

Ex-rights refer to a situation where a stock is traded without the benefit of a rights offering, which was previously announced to its shareholders.

Holder-Of-Record Date

The specific date set by a corporation on which the shareholders of record are entitled to receive a declared dividend or participate in corporate actions.

Private Debt

consists of loans and debt financing not traded on open markets, often issued to finance business operations or acquisitions, typically by private companies or individuals.

OSC Registration

The process by which individuals or firms must register with the Ontario Securities Commission to legally trade or underwrite securities in Ontario, Canada.