What is the nature of an expense account
- Devry University / Other
- 11 Jun 2016
- Price: $2
- Other / Other
What is the nature of an expense account
1. Which of the following financial statements summarizes the profitability of an organization for a particular period?
A)Balance Sheet
B)Trading and Profit & Loss account
C)Cash Flow Statement
D)Statement of Retained Earnings
2.In an account, if credit side < debit side then the balance is known as:
A) Negative Balance
B) Debit Balance
C) Positive Balance
D) Credit Balance
3.Which of the following is used to record financial transactions in chronological (day-to- day) order?
A) Voucher
B) General Journal
C) General Ledger
D) Trial balance
4.What is the nature of an expense account?
A) Capital
B) Credit
C) Revenue
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