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Which of the following accounts has credit balance?

Accounts - Principles of Accounts
WAEC 2013

Which of the following accounts has credit balance?

  • A. return inwards account
  • B. machinery account
  • C. sales account
  • D. cash account
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Correct Answer: Option C
Explanation

 Liabilities, revenues and sales, gains, and owner equity and stockholders' equity accounts normally have credit balances.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts