Assuming a Normal Balance, Which of the Following Is Correct

question 98

Multiple Choice

Assuming a normal balance, which of the following is correct concerning the trial balance columns of the work sheet?

• A) Assets are shown as credits.
• B) Liabilities are shown as debits.
• C) The drawing account is shown as a debit.
• D) Expenses are shown as credits.

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Definitions:

Budgets

Estimates of income and expenditure for a set period of time, serving as a financial plan for individuals or organizations.

Managerial Value

The value or impact that effective managerial decisions have on the overall success and valuation of a company.

Planning Process

A systematic series of steps taken by organizations or individuals to achieve desired goals.

Road Map

A strategic plan that outlines the steps or milestones needed to achieve specific goals.