Excess of Debit side over Credit side is called?

Q: Which of the following have high return and low Liquidity? a. demand deposit account b. saving…

A: Account is referred as the record or an arrangement through which a customer’s financial assets are…

Q: A credit is not the normal balance for which account listed below? Select one: a. Owner’s Drawings…

A: Generally assets and expenses has debit balances and incomes and liabilities has credit balances. In…

Q: If the credit to record the payment of an account payable is not posted,a. cash will be…

A: The correct option is option “a”. a. cash will be overstated.

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: Which type of credit account is balanced in the last two columns of a worksheet? O A. Expense B.…

A: Account: It can be defined as a record that is maintained by the business in its general ledger to…

Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit

A: While preparing general ledger accounts in books, there are two sides of account. One is left side…

Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…

A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…

Q: the account has both debit and credit balance brought down?

A: 1- Sales ledger control account credit balance brought down. A "sales ledger control account" is the…

Q: An account is said to have a debit balance if? Select one: O a. There are more entries on the debit…

A: A debit entry is when the entry has a negative impact on the liabilities or a positive impact on…

Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…

A: The normal balance is the balance side that increases the value of an item. And the opposite side of…

Q: Which of the following is the account where the increases are recorded to the receivable side and…

A: Company sell products on credit and these selling create customers on credit so these are to be…

Q: If the debit side of the Trail balance equal the credit side that's mean all the transactions…

A: Duality principles represent the double effects of every transaction of business. every transaction…

Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…

A: Point of sale (POS) is place where  a customer made  payment for goods or services. Point of sale…

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Note Receivable

A: Note Receivable means to receive the money in future against the note owed by any debtor of the…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Balancing of account means :(i) Total of debit side(ii) Total of credit side(iii) Difference in…

A: The correct option is option c.

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A:

Q: nd de

A: The terms debit (DR) and credit (CR) have Latin roots: debit comes from the word debitum, meaning…

Q: Which term is associated with “right” or “right-side”? Debit. Credit.

A: In the T accout format The right side in accounting always represents the credit side of the…

Q: Do the terms debit and credit signify increase or decrease, or can they signify either? Explain.

A: Debit: A debit, in an accounting term refers to the left side of an account. The term debit can be…

Q: Which of the following is true regarding 'Credit Balance' in ledger account? O a. All options are…

A: Option d is correct.

Q: Do the term debit and credit signify increase or decrease, o

A: Debit means increased under limited conditions . You must look at what type of an account you are…

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: A debit side entry must have a corresponding credit side entry. The normal balance of an account…

A: Solution Debit and credit are used in company bookkeeping in order for its books to balance.

Q: Which one of the following is not a part of an account? Select one: a. Title b. Credit side c.…

A: Account consists of: Date Title Debit side Credit side

Q: Hi why is the net income on the credit side and not debit?

A: Net Income - Net Income is the result of the revenue over expense incurred by the company. It will…

Q: The total credit equal to the total of debit in ledger account is called: O a. Credit balance O b.…

A: The ledger is prepared using journal entries.

Q: Which of the following is true regarding the exact trial balance total ?

A: Total Assets      = Total liabilities + Owners capital (Equity). Total Assets      = Current assets…

Q: true or false  Expense Accounts normally have a credit balance

A: In accounting, some rules of debit and credit are defined to make journal entries. These are rules…

Q: The purchase of good on credit require: O A. Amount of payment O B. Timing of payment O C. Credit…

A: Purchase of goods means when goods are bought or purchased from some other party. These goods can be…

Q: Identify which types of accounts have a normal debit balance and which types of accounts have a…

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: When a Liability is reduced or decreased, it is recorded on the? a. Right or debit side of the…

A: Introduction to Liability: Liabilities are referred to a sum of money that a person or company owes…

Q: Indicate whether a debit or credit decreases the normal balance of each of the following accounts.…

A: Accounts payable can be defined as the current liability whose amount payment is the obligation of…

Q: What is the normal balance of accounts payable? Group of answer choices debit either debit or credit…

A: Solution: Accounts payable are liabilities due to purchase of merchandise or services on account.…

Q: Define each of the following terms:i. Credit policy; credit period; credit standards; collection…

A: CREDIT POLICY- ''Guidelines that spell out a way to decide which customers area unit sold-out on…

Q: Identify the nt below that is correct: Multiple Choice Debits decrease asset and expense accounts,…

A: A ledger is a book of accounts that contains debits and credits from the journals that have been…

Q: Diffrence between debit and credit ?

A: Debit and credit are two sides of general ledger account. For some accounts, debit means increase…

Q: An account will have a credit balance if the

A: Credit Balance of an Account: As the name implies, a debit entry indicates a transfer of money into…

Q: In profit and loss account, if debit is more than the credit, the difference is [A] net profit [B]…

A: In profit & loss (P&L) account the difference between debit and credit balances is termed as…

Q: Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______…

A: The allowance for doubtful accounts is established to record the estimated bad debt expenses.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.