Accounting 5.1

What type of accounts are revenues, expenses, and withdrawals?

• permanent

• occasional

• temporary

Where do temporary account balances go at the end of an accounting period?

• cash account

• owner's capital account

• revenue account

The term normal balance means it is the side used to record a decrease to an account.

• true

• false

A credit to a revenue account decreases the account.

• true

• false

An expense account normally has a debit balance.

• true

• false

Which transaction types increase owner's equity?

• revenue

• expenses

• sales

• investments