An Account Will Have a Credit Balance If the

question 24

Multiple Choice

An account will have a credit balance if the

• A)credits exceed the debits.
• B)first transaction entered was a credit.
• C)debits exceed the credits.
• D)last transaction entered was a credit.

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Definitions:

Economic Profits

Profit or loss calculated by subtracting total costs, including opportunity costs, from total revenues to determine overall effectiveness.

Average Rate

The mean quantity or figure computed by dividing the sum of all measured quantities by the number of quantities.

Above Average Profits

Earnings that exceed the norm for a particular industry or sector, often resulting from competitive advantages or efficient operations.

Controls Small Share

The act of managing or influencing a minor portion of the market or resources.