Which Accounts Normally Have Credit Balances

question 11

Multiple Choice

Which accounts normally have credit balances?

• A)Revenues, liabilities, and dividends
• B)Revenues, liabilities, and assets
• C)Revenues, liabilities, and retained earnings
• D)Revenues, liabilities, and expenses

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Definitions:

Redeemed

Refers to the act of repaying or buying back something, such as a financial security or a reputation.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with care of money, property, or confidential information.

Corporate Decisions

Corporate decisions are choices or judgments made by the leadership of a corporation that affect the direction, strategy, operations, or governance of the organization.

Preemptive Rights

Rights that allow shareholders to purchase additional shares in a company before the company offers them to the public, protecting their ownership percentage from dilution.