The Bank Will Show a Customer's Deposit on Bank Statements

question 50

Multiple Choice

The bank will show a customer's deposit on bank statements as a:

• A) debit, because cash is an asset
• B) credit, because a deposit is a liability from the bank's point of view
• C) debit, because a deposit is a liability from the bank's point of view
• D) credit, because cash is an asset

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Definitions:

Specific Performance

A legal remedy in contracts law where a court orders a party to perform their obligations under a contract, rather than simply paying damages.

Legal Remedy

The means by which a court of law enforces a right, imposes a penalty, or makes another court order to impose its will.

Compensatory Damages

Monetary compensation awarded to a plaintiff to offset losses or injuries that have been incurred due to the defendant's actions.

Breaches

Violations or failures to perform as required or promised in a contract or agreement.