TUV Co. performed services for Client Asim and billed them in December. TUV follows the accrual basis of accounting. In January TUV received the $5,000 from Asim and debited the Cash account: What account should it credit?

A Debit balance is usually not normal for which account?

Only legal entities can be accounting entities under accounting conventions. True or False?

A cash receipts journal is a special journal used to record all cash disbursement.

A bank service charge on the bank statement will require a _____________ to the general ledger account 'Cash at Bank' of the business.

Which of the following is a current liability?

Which of the following is NOT generally listed as one of the key expense group classifications of an income statement?

The trial balance lists which type of accounts?

What does a debit balance on a bank statement indicate?

A chart of accounts is an index of the accounts contained in the ... ?

Which of the following statements in relation to materiality is true? I. Materiality of item depends on their individual or collective influence on the economic decisions of users. II.Materiality of an item depends on its absolute size and nature