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QUESTION 1 When the owner of a business takes merchandise for personal use, the account debited is: owner's withdrawals. O expenses O revenue. owner's capital QUESTION 2 The Net Income is entered in the: debit side of the Income Statement section of the worksheet. credit side of the Income Statement Section of the worksheet. debit side of post closing Trial Balance. debit column of the Cash Flow Statement QUESTION 3 Which of the following statements is incorrect? The normal balance in the asset account is debit. The normal balance in the liabilities account is credit The normal balance in the owner's equity account is credit. The normal balance in the cash account is credit. QUESTION 4 A chart of an account is a: trial balance. balance sheet. list of ledger accounts. cash flow statement. QUESTION 5 A person who prepares and interprets financial reports is called: an accountant. a manager. a auditor. an accounting clerk