For Expenses,the Category of Account and Its Normal Balance Are

question 5

Multiple Choice

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

• A) Owner's equity and a credit balance.
• B) Assets and a debit balance.
• C) Liabilities and a credit balance.
• D) Owner's equity and a debit balance.

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Definitions:

Annual Contributions

Payments or deposits made into a financial account or investment plan once every year.

Compounded Monthly

A process where the interest earned on an investment is recalculated every month, incorporating both the initial principal and the accumulated interest.

Annuity

An income-generating financial offering that provides fixed periodic payments, largely intended for the retired population.

Rate Of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment’s initial cost.