Which of the Following Describes the Classification and Normal Balance

question 106

Multiple Choice

Which of the following describes the classification and normal balance of the retained earnings account?

• A)Asset,debit
• B)Shareholders' equity,credit
• C)Liability,credit
• D)Shareholders' equity,debit

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Definitions:

Income Inheritance

The transference of wealth or assets from one individual to another upon the death of the former, typically through a legal process or will.

Poverty Rate

The percentage of the population living below the national poverty line, indicating the extent of poverty in a country.

Absolute Number

An absolute number is a value expressed without any reference to other data, representing a quantity on its own.

Poverty Trends

The patterns or changes in levels and rates of poverty over a period of time across different regions or population groups.