Accounting Question?

Question

The current source of "GAAP" in the private sector is A)Accounting Principles Board B)IRS C) Financial Accounting Standards Board D) Securities Exchange Commission. #2 Which of these accounts is the normal balance a debit? A) Rent Payable B)Unearned Rent Revenue C) Rent Revenue D) Prepaid Rent #3 A debit will reduce__, but increase__. A) accounts receivable; accounts payable B) revenues; accounts payable C) accounts payable; owner's capital D) owner's capital; prepaid insurance

Answer 1

1. c - FASB
2. d - prepaid rent
3. d - owner's capital; prepaid insurance

Answer 2

loveholio is correct