Normally, Asset Accounts Will Have Credit Balances and Liability Accounts

question 54

True/False

Normally, asset accounts will have credit balances and liability accounts will have debit balances.

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Definitions:

Cumulative

Increasing or grown by accumulation or successive additions.

Differential

Relating to or involving a difference; typically referring to circuits or components that measure or react to the difference between two quantities.

Mechanical Energy

The sum of potential energy and kinetic energy present in the components of a mechanical system.

Electrical Energy

The form of energy resulting from the flow of electric charge, transferred through conductive materials or space, and capable of being converted into other forms of energy like heat or light.