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:

UCC

Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, including sales, banking, and leases.

Oil

A natural, greasy liquid derived from petroleum, used primarily as fuel or in manufacturing.

Plain Meaning

Plain meaning refers to the interpretation of words or phrases in a legal text based on their ordinary, everyday meaning without diving into deeper, possibly unexpressed, intentions.

Concrete

A composite material composed of fine and coarse aggregate bonded together with a fluid cement that hardens over time, used in construction.