Weekly Accounting Quiz

What is the normal Balance of Accounts Receivable?

• Debit

• Credit

What is the normal Balance of Utilities Expense

• Debit

• Credit

What is the normal Balance of Accumulated Depreciation?

• Debit

• Credit

Answer explanation

It is a credit balance because it is a Contra Asset account.

What is the normal Balance of Cash account?

• Debit

• Credit

What is the normal Balance of Accounts Payable?

• Debit

• Credit

What is the normal Balance of Interest Revenue?

• Debit

• Credit

Answer explanation

It has a normal balance of credit because it is an equity account.

What is the normal Balance of an Equipment Account?

• Debit

• Credit

What is the normal Balance of Notes Payable

• Debit

• Credit

Match the following

• Owner's Equity

• Expense Account

• Income Statement

• Revenue

• Income Statement

• Assets

• Balance Sheet

• Capital

• Balance Sheet

• Liabilities

Place the following in the order that they show up on a Balance sheet, starting with the left column then moving to the right column.

• Current Liabilities

• Current Assets

• Owner's Equity

• Long Term Liabilities

• Equipment

Answer explanation

As a sole proprietor, we use owner's equity. You will see shareholder's equity in the picture and that is for a corporation.