A Debit Balance in the Retained Earnings Account Is Called

question 62

True/False

A debit balance in the Retained Earnings account is called a deficit.

---

Definitions:

United States Constitution

The supreme law of the United States, establishing the framework of the national government and defining the rights of citizens.

Existing Contracts

Legal agreements that are currently in force between parties, outlining rights and obligations of those parties.

Federalism

A system of government in which power is divided between a central authority and constituent political units.

Govern Authority

Pertains to the legal power or right held by a government body to regulate, control, or manage individuals, entities, or property.