For Expenses, the Category of Account and Its Normal Balance

question 8

Multiple Choice

For Expenses, the category of account and its normal balance is:

• A)owner's equity and a credit balance.
• B)assets and a debit balance.
• C)assets and a credit balance.
• D)owner's equity and a debit balance.

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Definitions:

Remittances

Money sent by migrants to their home country or region, usually to family members, contributing significantly to the economy of the recipient area.

Industrial Nations

Countries that have a developed industrial base and a significant level of economic activity in the manufacturing sector.

Developing Nations

Countries with a lower standard of living, underdeveloped industrial base, and lower Human Development Index relative to other countries.

Illegal Immigration

The act of residing in a country without the legal permission of its government.