The type of account and normal balance of Petty Cash is a(n)
A) revenue, credit
B) asset, debit
C) liability, credit
D) expense, debit
B
You might also like to view...
The term "accounting independence" refers to
a. data integrity b. separation of duties, such as record keeping and custody of physical resources c. generation of accurate and timely information d. business segmentation by function
All of the following are equity accounts on a balance sheet EXCEPT
A) retained earnings. B) paid-in capital. C) cash. D) common stock.
When the auditors discover an understatement of liabilities, they would most likely also expect to find an:
A. Understatement of owners' equity. B. Understatement of revenues. C. Understatement of assets. D. Overstatement of expenses.
The Foreign Corrupt Practices Act was subsequently amended to allow for speed money or grease payments, which are payments made to:
A. secure contracts that would not otherwise be secured. B. obtain exclusive preferential treatment in a foreign market. C. influence foreign bureaucrats in the company's favor. D. ensure a business receives the standard treatment that it ought to receive. E. secure monopoly rights in less developed countries.