Question

Which of the following types of accounts have a normal credit balance?

a. assets and liabilities
b. liabilities and expenses
c. revenue and liabilities
d. capital and drawings

Answer 1

Revenue and liabilities Account types that have a typical credit balance

Revenue is the entire amount of money made through the sale of products or services related to a business's core operations. Because it appears at the top of the income statement, revenue, also known as gross sales, is frequently called the "top line." You should be aware that, when comparing revenue and income, "revenue" refers to the whole amount of money a business makes before deducting any expenses. A liability is a company's future financial commitment to others or to other firms. liability implies that the business will never be able to turn a profit. Different from equity, a liability is a source of funding for a company.

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