Credits Are Used to Record

question 66

Multiple Choice

Credits are used to record:

• A)decreases in liabilities and increases in assets and owner's equity.
• B)decreases in assets and owner's equity and increases in liabilities.
• C)increases in liabilities and revenues.
• D)increases in assets, liabilities, and owner's equity.

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Definitions:

Litigants

Individuals or parties involved in a lawsuit.

Binding Agreement

A legally enforceable contract or agreement between two or more parties with clearly defined terms.

Arbitration Agreement

A contract in which parties agree to resolve disputes outside of court through arbitration.

Independent Contractor

A person or organization hired to execute tasks for or deliver services to another organization without being an employee.