FABM 1 Q2 Quiz 1

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What is the normal balance of an asset account?

• Debit
• Credit

What is the normal balance of a liability account?

• Debit
• Credit

What is the normal balance of an owner’s capital account?

• Debit
• Credit

What is the normal balance of an owner’s drawing account?

• Debit
• Credit

What is the normal balance of a revenue account?

• Debit
• Credit

What is the normal balance of an expense account?

• Debit
• Credit

Which of the following transactions would result in a debit to cash?

• Paying a supplier
• Receiving service revenue
• Withdrawing cash for personal use
• Recording depreciation expense

Which of the following accounts increases with a debit?

• Accounts Payable
• Service Revenue
• Accounts Receivable
• Owner’s Capital