Examlex
Which of the following statement is wrong?
Normal Credit Balance
The typical balance on the credit side of an account, as is the case for liabilities, equity, and revenue accounts.
Liabilities
Financial obligations or debts a company owes to others, which must be settled in the future by transfer of assets, provision of services, or other forms of economic benefit.
Capital
Refers to financial assets or resources that individuals, companies, or governments use to fund their operations and invest in their own growth.
Classification
The systematic arrangement of business transactions or accounts into categories for reporting and analysis purposes.
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