Asked by Christian Broussard on Jul 17, 2024
Verified
An account balance is:
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) Used to identify source documents.
E) Always a credit.
Account Balance
The amount of money present in a financial account at any moment, which can reflect credits, debits, and pending transactions.
Debit Side
The debit side refers to the left side of an accounting ledger where debits are recorded, often signifying an increase in assets or expense accounts, or a decrease in liability, equity, or revenue accounts.
Credit Side
The right side of an account ledger, where increases in liabilities, equity, and revenue or decreases in assets are recorded.
- Gain insight into the elementary notions of debits and credits within the realm of accounting.
Verified Answer
VB
Victoria BrownJul 23, 2024
Final Answer :
C
Explanation :
An account balance is the difference between the total debits and total credits for an account, including the beginning balance. This represents the total amount owed or owned by the account. The other options are not correct as they do not represent the actual balance of the account.
Learning Objectives
- Gain insight into the elementary notions of debits and credits within the realm of accounting.