Trading account is a [A] personal account [B] real account [C] nominal account [D] none of the above
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Trading account is a
- [A] personal account
- [B] real account
- [C] nominal account
- [D] none of the above
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- Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful Accounts c. Interest Expense d. SalesWhich of the following is a permanent account? A. dividends distributed B. allowance for doubtful accounts C. internet expense d. salesBalance Sheet accounts are not considered real accounts. True O False Jr
- Which of the following statements would be consideredtrue regarding debits and credits?a. In any given transaction, the total dollar amount of the debitsand the total dollar amount of the credits must be equal.b. Debits decrease certain accounts and credits decreasecertain accounts.c. Liabilities and stockholders’ equity accounts usually end incredit balances, while assets usually end in debit balances.d. All of the above.Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained EarningsWhat is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?
- Which one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow accountWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesWhich of these accounts commonly requires both debit and credit entries? A. Sales Revenue B. Utilities Expense C. Accounts Receivable D. Common Stock
- Which of the following accounts will normally have a debit balance? A. Common Stock B. Fees Earned C. Supplies D. Accounts PayableExplain what is meant by the term real accounts (also known as permanent accounts).Which of the following items will not be shown in the balance sheet of ahotel? A. customer loyalty value B. accounts payable C. Intangible assets D. accrued taxes