I NEED ANSWERS IN DETAILS AS MUCH AS YOU CAN OF ALL FIVES 1. Some...
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Accounting
I NEED ANSWERS IN DETAILS AS MUCH AS YOU CAN OF ALL FIVES
1. Some accounts have a normal debit balance, and some accounts have a normal credit balance. What do you mean by a normal debit or a normal credit balance of an account?
2. Identify two accounts on the balance sheet and income statement that have a normal debit balance, and two accounts on the income statement that have a normal credit balance.
3. How can a trial balance be useful when preparing financial statements?
4. How is it possible that a trial balance not be error free, even when the total debits equal the total credits?
5. If you worked for a financial institution's loan department, how could you use the debt ratio as part of your analysis to determine whether to initially accept the loan applicant, and as a tool for servicing the loan over the life of the loan?
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