Understanding Normal Account Balances

What is the normal balance of an asset account?

• Credit

• Debit

• Both debit and credit

• Neither debit nor credit

Which type of account typically has a normal credit balance?

• Asset

• Expense

• Liability

• None of the above

The term "debit" is derived from which Latin word?

• Credere

• Debitum

• Creditum

• Debere

If an expense account has a normal balance, what type of entry would increase it?

• Credit

• Debit

• Both debit and credit

• Neither debit nor credit

What is considered an abnormal balance for an income account?

• Debit

• Credit

• Both debit and credit

• Neither debit nor credit