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ACCY 201 FINAL EXAM 3 2026 CERTIFICATION EVALUATION EXAMS COMPLETE QUESTIONS AND ANSWERS

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ACCY 201 FINAL EXAM 3 2026 CERTIFICATION EVALUATION EXAMS COMPLETE QUESTIONS AND ANSWERS

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ACCY 201 FINAL EXAM 3 2026 CERTIFICATION
EVALUATION EXAMS COMPLETE QUESTIONS
AND ANSWERS

◉ Normal Balance of Assets.
Answer: Debit


◉ Normal Balance of Liabilities.
Answer: Credit


◉ Normal Balance of Equity.
Answer: Credit


◉ Prepaid Account.
Answer: Asset created when cash is paid before an expense is
incurred.


◉ Unearned Revenue.
Answer: Liability created when cash is received before revenue is
earned.


◉ Double-Entry Accounting System.

, Answer: Debits must equal credits.


◉ T-Account Debits.
Answer: Left side


◉ T-Account Credits.
Answer: Right side


◉ Increase an Asset.
Answer: Debit


◉ Increase a Liability.
Answer: Credit


◉ Increase Equity.
Answer: Credit


◉ Normal Balance of Expenses.
Answer: Debit


◉ Service Revenue Entry on Credit.
Answer: Debit Accounts Receivable; Credit Service Revenue

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