A Credit Balance in a Liability Account Indicates That an Error

question 131

True/False

A credit balance in a liability account indicates that an error in recording has occurred.

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Definitions:

Apple Store

Retail outlets owned by Apple Inc., offering a variety of Apple products, accessories, and services.

Closing

The final step in a sale process where the transaction is concluded and the goods or services are exchanged for payment.

Approach

A method or strategy used in tackling a problem or in the initial stage of an engagement or negotiation.

Presentation

The act of showing and explaining the content of a topic to an audience or learner.