Examlex
Which of the following is correct?
Normal Balance
The side (debit or credit) of an account that is usual or expected to increase the balance of that account.
Liability
Financial obligations or debts that a company owes to others, which must be settled through the transfer of assets or provision of services.
Asset
An economic resource that can be owned or controlled to produce value and that is held by a company to produce positive economic value.
Equity
The worth of an owner's stake in a property or business once all debts and other financial obligations have been subtracted.
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