The Normal Balance of an Asset Account Is a Credit

question 125

True/False

The normal balance of an asset account is a credit.

---

Definitions:

Entered Into

Refers to the act of formally agreeing to or engaging in an agreement, contract, or arrangement.

Emancipation

The legal process allowing a minor to gain independence from their parents or guardians, assuming adult responsibilities.

Legal Guardians

Individuals or entities appointed by a court to care for and manage the personal and/or property interests of a minor or legally incapacitated person.

Legal Control

The authority to direct the legal actions of an entity, person, or property, as recognized by law.