The Left Side of an Account Is

question 26

Multiple Choice

The left side of an account is

• A) blank.
• B) a description of the account.
• C) the debit side.
• D) the balance of the account.

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Definitions:

Product Costs

All costs incurred to acquire or produce the finished products that are sold to customers.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profits or losses.

Balance Sheet

A descriptor of a company’s financial health, enumerating assets, liabilities, and the stake of shareholders at an exact moment.

Direct Labor

Direct Labor refers to the wages and salaries paid to employees who are directly involved in the production of goods or services.