Assuming a Normal Balance, Which of the Following Is Correct

question 54

Multiple Choice

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

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

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Definitions:

Eddie Bauer

An American outdoor brand that specializes in clothing, accessories, and gear for sports and recreation.

Retail Outlets

Physical or digital stores that sell goods or services directly to consumers, offering a range of products from one or multiple brands.

Transactional Function

The activities involved in transferring ownership and possession of goods from sellers to buyers, such as selling, buying, and risk bearing.

Distribution

The process of making a product or service available for consumption or use by a consumer or business user.