Are Increased with Debits

question 110

Multiple Choice

are increased with debits.

• A) Assets and expenses
• B) Expenses and paid- in capital
• C) Assets and revenues
• D) Liabilities and retained earnings

---

Definitions:

Strict Performance

A legal principle that requires parties to a contract to fulfill their obligations exactly as specified in the contract, without deviation.

Substantial Performance

A legal concept indicating that if a party has performed enough of its contractual obligations, it may still enforce the contract despite minor breaches.

Uniform Commercial Code

A comprehensive set of laws that govern commercial transactions in the United States to standardize and simplify the legal process.

Insolvent Seller

A seller who cannot meet their financial liabilities as they become due.