Which of the Following Statements Is True

question 120

Multiple Choice

Which of the following statements is true?

• A) Debits increase assets and increase liabilities.
• B) Credits decrease assets and decrease liabilities.
• C) Credits decrease assets and increase liabilities.
• D) Debits decrease liabilities and decrease assets.

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Definitions:

Uniform Electronic Transactions Act

Legislation adopted by some jurisdictions to establish legal equivalence between electronic records and signatures and their paper counterparts, facilitating the legality of digital transactions.

UETA

The Uniform Electronic Transactions Act, which establishes legal recognition for electronic signatures and records in commercial transactions.

Electronic Transactions

Deals or exchanges of goods, services, or information conducted over electronic systems such as the internet.

Online Contracts

Agreements made and signed in an electronic format, using the internet, which are legally binding as traditional paper contracts.