Which of the Following Statements Is Correct

question 109

Multiple Choice

Which of the following statements is correct?

• A) The left side of a T-account is the credit side.
• B) Entries that decrease asset and expense accounts, or increase liability, equity, and revenue accounts are posted as debits.
• C) The left side of a T-account is the debit side.
• D) The right side of a T-account is the debit side.
• E) Entries that increase asset, expense, and revenue accounts are posted as debits.

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Definitions:

Broad Bands

A strategy in pay structure where a wide range of salaries is offered within a single pay band, allowing for greater flexibility in employee payment.

Promoting Employees

The process of advancing an employee's rank or position within a company, often accompanied by an increase in salary and responsibilities.

Davis-Bacon Act

A United States federal law that establishes the requirement for paying the local prevailing wages on public works projects for laborers and mechanics.

Prevailing Wages

The standard or most common wages determined by governmental or regulatory bodies, often used in context to ensure fair compensation in public contracts.