For Assets, Expenses, and Dividend Accounts, a Credit Will _______

question 57

Short Answer

For assets, expenses, and dividend accounts, a credit will _______ the balance in the account.

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Definitions:

Interest Rate

The percentage at which interest is charged or paid on a loan or investment over a specified period.

Accrued Interest

Interest that has accumulated over a period of time but has not yet been paid.

Premium

An amount paid for an insurance policy, or the price above the normal or nominal cost in financial transactions.

Discount

A reduction from the usual cost of something, often expressed as a percentage off the original price.