A Debit Always Means a Decrease and a Credit Means

question 147

True/False

A debit always means a decrease and a credit means increase.

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Definitions:

Reliance

The act of depending or trusting in something or someone, often in the context of contracts where one party relies on the promises of another.

Reasonable Person

A hypothetical individual who exercises average care, skill, and judgment in conduct and who serves as a comparative standard for determining liability.

Implied Warranty

A legal term referring to guarantees that are not explicitly stated but are assumed in a sale, ensuring that a product is fit for its intended purpose.

Merchantability

A warranty that a product will meet reasonable expectations of quality and fitness for use as sold.