Which of the Following Correctly Identifies Normal Balances of Accounts

question 96

Multiple Choice

Which of the following correctly identifies normal balances of accounts?

• A)\[\begin{array} { l l }
• \text { Assets } & \text { Debit } \\
• \text { Liabilities } & \text { Credit } \\
• \text { Common Stock } & \text { Credit } \\
• \text { Revenues } & \text { Debit } \\
• \text { Expenses } & \text { Credit }
• \end{array}\]
• B)\[\begin{array} { l l }
• \text { Assets } & \text { Debit } \\
• \text { Liabilities } & \text { Credit } \\
• \text { Common Stock } & \text { Credit } \\
• \text { Revenues } & \text { Credit } \\
• \text { Expenses } & \text { Credit }
• \end{array}\]
• C)\[\begin{array} { l l }
• \text { Assets } & \text { Credit } \\
• \text { Liabilities } & \text { Debit } \\
• \text { Common Stock } & \text { Debit } \\
• \text { Revenues } & \text { Credit } \\
• \text { Expenses } & \text { Debit }
• \end{array}\]
• D)\[\begin{array} { l l }
• \text { Assets } & \text { Debit } \\
• \text { Liabilities } & \text { Credit } \\
• \text { Common Stock } & \text { Credit } \\
• \text { Revenues } & \text { Credit } \\
• \text { Expenses } & \text { Debit }
• \end{array}\]

Understand the concept of economies and diseconomies of scale and their implications for production and firm size.

Recognize the characteristics and examples of natural monopolies and their market implications.

Comprehend the relationship between plant sizes, output ranges, and cost-efficiency in long-run production decisions.

Identify factors that lead to shifts or movements along cost curves in short-run and long-run scenarios.

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Definitions:

Undernourished

Lacking sufficient food or the right types of food required for health and growth.

Indigenous Peoples

Ethnic groups who are the original inhabitants of a given region, possessing unique cultures, languages, and traditions, and often facing issues related to sovereignty and rights.

European Colonization

The process by which European countries established settlements, extracted resources, and imposed their control over other regions and peoples around the world, particularly from the 16th to the 20th century.

Imagined Community

A concept that refers to how members of a nation envision themselves as part of a large community, despite having no direct interaction with most other members, as proposed by Benedict Anderson.