Accounting Question?

Accounting Question?
The current source of "GAAP" in the private sector is A)Accounting Principles Board B)IRS C) Financial Accounting Standards Board D) Securities Exchange Commission. #2 Which of these accounts is the normal balance a debit? A) Rent Payable B)Unearned Rent Revenue C) Rent Revenue D) Prepaid Rent #3 A debit will reduce__, but increase__. A) accounts receivable; accounts payable B) revenues; accounts payable C) accounts payable; owner's capital D) owner's capital; prepaid insurance


Answers:

Chosen Answer
loveholio:  1. c - FASB 2. d - prepaid rent 3. d - owner's capital; prepaid insurance
2006-09-14 16:49:59
Jordan K:  loveholio is correct
2006-09-15 07:05:01