PRC-1 · Chapter 3 · Question 98 of 100
Which of the following lists contains ONLY accounts that normally carry a credit balance?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Capital, Sales Revenue, Trade Payables, Bank Overdraft
Explanation
Capital (equity), Sales Revenue (income), Trade Payables (liability), and Bank Overdraft (liability) all natively carry credit balances.
More Ledgers and Trial Balance MCQs
- Q100A 'Statement of Account' sent by a supplier to a customer is fundamentally a copy of which accounting record?
- Q1Which of the following best describes the primary purpose of a 'Chart of Accounts' for a business entity?
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- Q4Which of the following accounts is typically NOT maintained within the General Ledger if an entity uses subsidiary ledgers?