Which of the Following Classifications of Accounts Has/have a Normal

question 91

Multiple Choice

Which of the following classifications of accounts has/have a normal credit balance?

• A) Drawing
• B) Revenues
• C) Liabilities
• D) Revenues and liabilities
• E) All of these

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Definitions:

Capitalize

The process of recording an expenditure as an asset on the balance sheet, rather than an expense on the income statement, to spread the cost over the asset's useful life.

Work of Art

An object or creation that is made with the intent of expressing thought, emotions, beliefs, or a particular aesthetic quality, recognized for its beauty or conceptual importance.

Historical Treasure

An item or artifact of significant historical, cultural, or monetary value recognized for its contribution to understanding the past.

Financial Section

Part of a company's annual report or filings that contains financial statements, notes, and commentaries pertinent to the financial performance and position of the company.