Question 7 The normal balance of the counter account that is used to close the accounts is in: a.You have no normal balance b.Debt G.Credit Question 8 The order of the financial statements is: a.Trial balance,statement ofowner eguityandbalance sheet b.Balance sheet, incomestatementandstatementof owner equity CStatementof owner eguity,balance sheetandincome statement d.Incomestatement statementof ownereguityandbalancesheet Question 9 The permanent accounts are: a.Assets, expenses and capital b.Assets, liabilities and equity C.Assets, liabilities, capital and expenses d.Assets, liabilities, equity and income

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Question 7
The normal balance of the counter account that is used to close the accounts is in:
a.You have no normal balance
b.Debt
G.Credit
Question 8
The order of the financial statements is:
a.Trial balance,statement ofowner eguityandbalance sheet
b.Balance sheet, incomestatementandstatementof owner equity
CStatementof owner eguity,balance sheetandincome statement
d.Incomestatement statementof ownereguityandbalancesheet
Question 9
The permanent accounts are:
a.Assets, expenses and capital
b.Assets, liabilities and equity
C.Assets, liabilities, capital and expenses
d.Assets, liabilities, equity and income
Transcribed Image Text:Question 7 The normal balance of the counter account that is used to close the accounts is in: a.You have no normal balance b.Debt G.Credit Question 8 The order of the financial statements is: a.Trial balance,statement ofowner eguityandbalance sheet b.Balance sheet, incomestatementandstatementof owner equity CStatementof owner eguity,balance sheetandincome statement d.Incomestatement statementof ownereguityandbalancesheet Question 9 The permanent accounts are: a.Assets, expenses and capital b.Assets, liabilities and equity C.Assets, liabilities, capital and expenses d.Assets, liabilities, equity and income
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