Acg 2024 – Mdc Study Guide Test.

ACG 2024 – MDC STUDY GUIDE TEST.


______ Payable - CORRECT ANSWER Normal Balance: Credit

Type of Account: Liability

Financial Statement: BS



______ Receivable - CORRECT ANSWER Normal Balance: Debit

Type of Account: Asset

Financial Statement: BS



______ Expense - CORRECT ANSWER Normal Balance: Debit

Type of Account: Expense

Financial Statement: IS



Capital Stock - CORRECT ANSWER Normal Balance: Credit

Type of Account: Owner's Equity

Financial Statement: BS



Cash - CORRECT ANSWER Normal Balance: Debit

Type of Account: Asset

Financial Statement: BS



Equipment - CORRECT ANSWER Normal Balance: Debit

Type of Account: Asset

Financial Statement: BS

, Supplies - CORRECT ANSWER Normal Balance: Debit

Type of Account: Asset

Financial Statement: BS



Dividends - CORRECT ANSWER Normal Balance: Debit

Type of Account: Owner's Equity

Financial Statement: RE



Retained Earnings - CORRECT ANSWER Normal Balance: Credit

Type of Account: Owner's Equity

Financial Statement: BS



Service Revenue - CORRECT ANSWER Service Revenue Normal Balance: Credit

Type of Account: Revenue

Financial Statement: IS



Unearned Revenue - CORRECT ANSWER Normal Balance: Credit

Type of Account: Liability

Financial Statement: BS



Income Statement - CORRECT ANSWER Revenue - Expense



Retained Earnings Statement - CORRECT ANSWER BRE (Beginning Retained Earnings) + NI (Net Income) -
Div (Dividends) = ERE (End Retained Earnings)



Balance Sheet - CORRECT ANSWER Assets = Liabilities + Owner's Equity



Asset - Credit or Debit - CORRECT ANSWER DR - Increase (Normal)

CR - Decrease