A Debit Is the Normal Balance for Which of the Following

question 5

Multiple Choice

A debit is the normal balance for which of the following accounts?

• A) Owner's Capital account
• B) Revenue account
• C) Liability account
• D) Owner's Drawings account

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Definitions:

Local Tax

Taxes imposed by local government entities, such as cities or counties, typically used to fund local services like schools, roads, and public safety.

Business Property

Assets owned by a business, including physical property like real estate and equipment, as well as intangible assets like intellectual property.

Benefits-Received Principle

A theory in taxation that believes individuals should be taxed based on the level of government services they consume.

Marginal Tax Rates

The rate at which an additional dollar of income is taxed, demonstrating the progressive nature of income taxation.