Important question about Accounting

What are the sections in a Balance Sheet, and some typical accounts in each?

 

 

2. Does an Asset typically have a Debit or Credit balance?

 

 

3. Does a Liability typically have a Debit or Credit balance?

 

 

4. What are the sections in the P&L, and some typical accounts in each?

 

 

5. Does Revenue typically have a Debit or Credit balance?

 

 

6. Does Expense typically have a Debit or Credit balance?

 

 

7. Explain the monthly cycle for Accounts Receivable (debits and credits)

 

 

8. Explain the monthly cycle for Accounts Payable (debits and credits)

 

 

9. Explain the monthly cycle for Payroll (debits and credits)

 

 

10. Explain the monthly cycle for Inventory (debits and credits)

 

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