An account balance is:Select one:a. The total of the credit side of the account. b. The total of the debit side of the account. c. The difference between the total debits and total credits for an account including the beginning balance. d. Assets = liabilities + equity. is. Always a credit.

Question

Callie Long

Business

23 March, 19:51

An account balance is:Select one:a. The total of the credit side of the account. b. The total of the debit side of the account. c. The difference between the total debits and total credits for an account including the beginning balance. d. Assets = liabilities + equity. is. Always a credit.

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Answers (1)

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Frederick Roy · Answer 1

c. The difference between the total debits and total credits for an account including the beginning balance.

Explanation:

An account wil be a concept of reality represent under a given label which, contains information about transaction that modifies their valuation in the company.

This means, there is something that can be measure in a monetary units.

There are transaction which increase their total value

and transaction which decreases his value.

All those transaction combined generate an ending balance, which is the state of the account at the given date.

For example

Mechandise Inventory: this account represent the inventory ready to sale for the business.

purhcase of inventory increase this account

sales from the business activities decreases it.

the ending balance will be the net effect fo the purchase and sales.