A Debit May Signify A(n)

question 82

Multiple Choice

A debit may signify a(n)

• A) increase in asset accounts.
• B) increase in liability accounts.
• C) increase in the capital account.
• D) decrease in expense accounts.

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Definitions:

Conflict of Interest

A situation where an individual's personal interests could improperly influence the performance of their duties or decision-making.

Dual Agency

A real estate transaction scenario in which a single agent or broker represents both the buyer and the seller, creating potential conflicts of interest.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when managing another person’s assets, involving a relationship of trust and confidence.

Independent Contractor

An individual or entity contracted to perform work for another entity as a non-employee, responsible for their own taxes and benefits.