A Debit Is Used to Record Which of the Following

question 100

Multiple Choice

A debit is used to record which of the following:

• A)A decrease in an asset account.
• B)A decrease in an expense account.
• C)An increase in a revenue account.
• D)An increase in the owner's capital account.
• E)An increase in the owner's withdrawals account.

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Definitions:

Liens

Legal claims or rights against property or assets to secure the payment of a debt or obligation.

Homestead Exemption

A legal provision that protects a portion of a homeowner's value from property taxes or creditors.

Legislative History

A record of the documents, hearings, and discussions involved in the creation and passing of a law or statute.

Financial Discipline

The practice of managing one's personal or organizational finances responsibly, following a plan to achieve specific financial goals.