Let's see if you've got your ducks in a row regarding the Debit and Credit Rules and the Major Types of Accounts. Return To Quiz Menu

Simple Debit/Credit Rule All Accounts have a Normal Balance which is either a Debit Balance or a Credit Balance. Assets, Expenses, and Draws all have Normal Debit Balances. Liabilities, Owner's Equity (Capital), and Revenue all have Normal Credit Balances. Enter an amount in the Normal Balance Side of an Account to Increase the Balance of an Account and in the opposite side to Decrease the Balance of an Account. Instructions: Select whether a Debit or Credit should be used to record the following and the Account's Normal Type of Balance: Account . . Debit / Credit Debit-Left Side Credit-Right Side Select whether to Debit or Credit the Major Type of Account Explanation Debit Balance / Credit Balance Debit Balance Credit Balance Select the Normal Account Balance of the Major Type of Account Explanation Return To Quiz Menu