An Asset Account

question 47

Multiple Choice

An asset account

• A)has a debit balance.
• B)is increased with a credit.
• C)is a shareholders' equity account because it has a book value.
• D)will have a negative balance if the company's expenses exceed revenues for the period.

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Definitions:

45-degree Line

describes a line usually used in economics and other disciplines, where every point on it has equal x and y coordinates, often used as a benchmark in Keynesian cross diagrams.

Wealthiest Fifth

Refers to the top 20% of individuals or households in terms of wealth or income distribution in a given population.

Lorenz Curve

A graphical representation of the distribution of income or wealth within a society, demonstrating the degree of inequality.

Equally Distributed

A distribution paradigm where resources, wealth, or opportunities are evenly shared among all members of a society or group.