Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following types of accounts typically has a normal debit balance?

Asset accounts

Liability accounts

Revenue accounts

Equity accounts

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Verified step by step guidance

Understand the concept of normal balances: In accounting, each type of account has a normal balance, which is the side (debit or credit) that increases the account. For example, asset accounts typically increase with debits, while liability accounts increase with credits.

Review the types of accounts: Asset accounts represent resources owned by the business, liability accounts represent obligations, revenue accounts represent income earned, and equity accounts represent the owner's claim on the business.

Determine the normal balance for each account type: Asset accounts typically have a normal debit balance because they increase with debits. Liability accounts, revenue accounts, and equity accounts typically have a normal credit balance because they increase with credits.

Match the account type with its normal balance: Since the question asks for accounts with a normal debit balance, focus on asset accounts, as they are the type of account that increases with debits.

Conclude that asset accounts are the correct answer: Based on the analysis, asset accounts are the type of account that typically has a normal debit balance.