ID: A Which of the following financial statements reports information as of a specific date? a. income statement b. statement of owners equity c. statement of cash flows d. balance sheet 23. A group of related accounts that comprise a complete unit is cal a. journal b. liability c. ledger d. transaction 24. led a 25. Revenue should be recognized when a. cash is received b. the service is performed the customer places an order d. c. the customer charges an order 26. The debit side of an account a. depends on whether the account is an asset, liability or owner's equity b. can be either side of the account depending on how the accountant set up the system c. is the right side of the account d. is the left side of the account 27. Which of the following types of accounts have a normal credit balance? a. assets and liabilities b. liabilities and expenses c. revenues and liabilities d. capital and drawing 28. Which of the following groups of accounts have a normal debit balance? a. revenues, liabilities, capital b. capital, assets c. liabilities, expenses d. assets, expenses Which of the following is true about a T-Account? a. Left hand side of the T-Account is called a debit. b. Left hand side of the T-Accounts is called a credit c. Right hand side of the T-Account is called a debit d. None are true. 29