Multiple Choice
A company has a forty million dollar credit balance in the cash account.Given this information,which of the following is a TRUE statement?
A) This is NOT a normal account balance-companies don't normally have this much cash on hand.
B) It is NOT normal for the cash account to have a credit balance.
C) Not enough information provided,since normal account balances are different for each company.
D) It is ALWAYS normal for the cash account to have a credit balance.
Correct Answer:
Verified
Correct Answer:
Verified
Q15: The account "Accounts Payable" began with a
Q22: Chickadee,Inc paid $6,000 rent in advance.The journal
Q24: Expenses _ Retained Earnings, and increase on
Q47: Obligations that are owed to others due
Q73: The difference between total debits and total
Q84: An account starting with a number 1
Q102: Collection of money from a cash customer
Q132: The purpose of the trial balance is
Q137: A trial balance is a list of
Q143: Which of the following is NOT a