Trust Is Indispensable to Any Business Transaction

question 153

True/False

Trust is indispensable to any business transaction.

---

Definitions:

Normal Balance

The side (debit or credit) of an account that is expected to have a higher balance based on the accounting equation; assets and expenses normally have a debit balance, while liabilities, equity, and revenue normally have a credit balance.

Withdrawals

Money taken out from a bank account, or the act of taking out funds or assets from a business by the owner for personal use.

Assets

Resources owned or controlled by a business, expected to bring future economic benefits.

Debits

In accounting, entries that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.