Which of the Following Groups of Accounts Normally Have a Credit

question 82

Multiple Choice

Which of the following groups of accounts normally have a credit balance?

• A)assets and liabilities
• B)capital and assets
• C)liabilities and owner's equity
• D)assets and expenses

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Definitions:

Affiliated Group

A collection of related companies that function as a single economic entity through shared ownership and control.

Subsidiary Inclusion

The process of integrating a subsidiary company's financials into the parent company's financial statements.

Consolidated Income Tax Return

A singular income tax return filed by an affiliated group of corporations that combines their tax liabilities into one return, possibly resulting in tax benefits.