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What does a credit balance in a direct labor efficiency variance account indicate?
The average wage rate paid to direct labour employees was less than the standard rate.
What is the normal balance of the purchases account?
The normal balance of the purchases account is a debit. This account is used to record the cost of goods acquired for resale, and since it increases with debits, its normal balance reflects this. When a purchase is made, the purchases account is debited to indicate an increase in expenses.
Why is it not possible to have a credit balance brought down on a cash account?
A cash account is designed to track cash inflows and outflows, reflecting the actual cash available. A credit balance in a cash account would indicate that the account has a negative cash position, which is not feasible since it cannot hold negative cash. If a credit balance appears, it typically suggests an error or that the account has been overdrawn, requiring correction. Therefore, a cash account should always reflect a debit balance or zero.
What is debit is not the normal balance?
In accounting, the "normal balance" refers to the expected balance of an account based on its type. For asset accounts, the normal balance is a debit, while for liability and equity accounts, it is a credit. If a debit is not the normal balance for an account, it may indicate an unusual transaction or an error, such as a misclassification or incorrect posting, that could require adjustment to ensure accurate financial reporting.
How can you find out your account balance?
Your account balance can easily be accessed by visiting your banker's site,click on account balance after putting your account no and you will have it instantly. Or you can update your bank passbook to ascertain your account balance.
What does a credit balance in a direct labor efficiency variance account indicate?
The average wage rate paid to direct labour employees was less than the standard rate.
What is the normal balance of the purchases account?
The normal balance of the purchases account is a debit. This account is used to record the cost of goods acquired for resale, and since it increases with debits, its normal balance reflects this. When a purchase is made, the purchases account is debited to indicate an increase in expenses.
Why is it not possible to have a credit balance brought down on a cash account?
A cash account is designed to track cash inflows and outflows, reflecting the actual cash available. A credit balance in a cash account would indicate that the account has a negative cash position, which is not feasible since it cannot hold negative cash. If a credit balance appears, it typically suggests an error or that the account has been overdrawn, requiring correction. Therefore, a cash account should always reflect a debit balance or zero.
What is debit is not the normal balance?
In accounting, the "normal balance" refers to the expected balance of an account based on its type. For asset accounts, the normal balance is a debit, while for liability and equity accounts, it is a credit. If a debit is not the normal balance for an account, it may indicate an unusual transaction or an error, such as a misclassification or incorrect posting, that could require adjustment to ensure accurate financial reporting.
What does DR means in bank statements?
In bank statements, "DR" stands for "Debit." It indicates a withdrawal or a decrease in the account balance, such as payments, purchases, or fees. Conversely, "CR" would indicate a credit or an increase in the account balance. Understanding these terms helps account holders track their transactions effectively.
How can you find out your account balance?
Your account balance can easily be accessed by visiting your banker's site,click on account balance after putting your account no and you will have it instantly. Or you can update your bank passbook to ascertain your account balance.
The amount of money in a bank account is called what?
account balance
Crediting an account by the bank means a decrease to that account false or true?
False. Crediting an account by the bank means an increase to that account. When the bank credits an account, it adds funds, such as deposits or interest earned, resulting in a higher balance. Conversely, debiting an account would indicate a decrease.
What is mod balance in a bank account?
what is the mod balance in account what is the definition of mod balance
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
What is a basic balance?
A basic balance is the net balance of the combination of a current account and a capital account in a balance of payments.
What is my balance?
what is my recent deposit and balance on checking account elcantante i need my saving account balance
