Accounting Drills: Balance Sheet

Another name for the balance sheet is

• Statement of Operations

• Statement of Financial Position

The balance sheet heading will specify a

• Period of Time

• Point in Time

Which of the following is a category or element of the balance sheet?

• Expenses

• Gains

• Liabilities

• Losses

Which of the following is an asset account?

• Accounts Payable

• Prepaid Insurance

• Unearned Revenue

Which of the following is a contra-account?

• Accumulated Depreciation

• Mary Smith, Capital

What is the normal balance for an asset account?

• Debit

• Credit

What is the normal balance for liability accounts?

• Debit

• Credit

What is the normal balance for Owner's Equity accounts?

• Debit

• Credit

What is a normal balance for an asset contra account?

• Debit

• Credit

What is a normal balance for a liability contra account?

• Debit

• Credit