Identify the Accounts That Would Normally Have Balances in the Credit

question 9

Multiple Choice

Identify the accounts that would normally have balances in the credit column of a business's trial balance.

• A)Liabilities and expenses.
• B)Assets and revenues.
• C)Revenues and expenses.
• D)Revenues and liabilities.
• E)Dividends and liabilities.

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Definitions:

Ethical Standards

The criteria that guide the behavior of individuals and organizations, reflecting what is morally right and wrong.

Fairness, Equity

The quality of being impartial and just, and ensuring individuals receive what they deserve based on their needs, conditions, and contributions.

Compromise

A settlement of differences by mutual concessions or modification of demands.

Future Favors

A practice commonly seen in developing countries based upon mutual obligation and resulting in the exchange of favors over years and even generations; also used in some industrialized countries such as Japan and South Korea.