Examlex

Solved

The Normal Balance Side of a Liability Account Is the Debit

question 35

True/False

The normal balance side of a liability account is the debit side.


Definitions:

Custom in the Trade

Established practices and standards widely recognized and accepted within a particular industry.

Judicial Remedy

Legal means through which a court enforces a right, imposes a penalty, or makes another court order to impose its will.

Execution

Execution refers to the carrying out of a plan, order, or course of action to its completion.

Levy

The obtaining of money by legal process through the seizure and sale of property, usually done after a writ of execution has been issued.

Related Questions