A Debit Is Used to Record

question 45

Multiple Choice

A debit is used to record

• A) an increase in a liability account
• B) a decrease in an asset account
• C) a decrease in the withdrawals account
• D) an increase in an asset account
• E) an increase in a revenue account

---

Definitions:

Overall Level of Prices

The overall level of prices refers to the average price of goods and services across the economy at a given time.

Consumer Spending

The total amount spent by consumers on goods and services within a particular period, driving a significant portion of economic activity.

Transportation

The movement of people or goods from one location to another using various modes such as road, rail, air, or sea.

Giovanni Arnolfini

A wealthy merchant from Renaissance Bruges, frequently associated with the famous painting by Jan van Eyck believed to depict him and his wife.