Accounts That Increase on the Credit Side Are Liabilities, Common

question 66

True/False

Accounts that increase on the credit side are Liabilities, Common Stock, Revenues and Retained Earnings (LCR).

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Definitions:

Enforceable

Capable of being imposed or upholding through legal means.

Liability

The state of being legally responsible for something, typically involving debt or legal obligations.

Landlord

An individual or entity that owns a property and rents it out to tenants in exchange for a periodic payment.

Exculpatory Clause

A clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault.