List 5 (five) different types of accounts, the normal balance of the type of account (debit or credit), and how the account is increased (debit or credit).
What will be an ideal response?
Five different types of accounts are listed below along with the normal balance of the account (debit or credit) and how the account is increased (debit or credit).
| Account Type | Debit/Credit | Increased by |
| Assets | Debit | Debit |
| Liabilities | Credit | Credit |
| Equity | Credit | Credit |
| Revenues (Income) | Credit | Credit |
| Expenses | Debit | Debit |
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Sun City Corporation's end-of-year balance sheet consisted of the following amounts: Cash $ 25,000 Accounts receivable $ 70,000 Property, plant, and equipment 70,000 Long-term debt 40,000 Capital stock 100,000 Accounts payable 20,000 Retained earnings ? Inventory 35,000 What amount should Sun City report on its balance sheet for total assets?
a. $100,000 b. $95,000 c. $165,000 d. $200,000
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Indicate whether this statement is true or false.
Traditional costing and backflush costing provide the same ending balances only when there is little or no ending inventory
Indicate whether the statement is true or false
A grant is an award of money that is paid ______.
A. on a strict reimbursement basis B. upfront or in regular installments C. after all the outcomes have been measured D. after the completion of the contracted work