The Normal Balance in an Asset Account Is a Debit

question 72

True/False

The normal balance in an asset account is a debit.

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Definitions:

Communication Systems

Tools, processes, and technologies used to facilitate the exchange of information among people and devices.

Geographical Location

The specific physical place where a company is situated, which can significantly impact its operations and market reach.

Just-In-Time (JIT)

An inventory management strategy where materials and products are produced or acquired only as needed for immediate use, reducing waste and inventory costs.

Holding Inventory

The process of keeping stock of goods or materials on hand to protect against fluctuations in demand or supply.