Which of the Following Is True

question 114

Multiple Choice

Which of the following is true?

• A)Assets have debit balances and liabilities have credit balances.
• B)Assets and liabilities have credit balances.
• C)Assets have credit balances and liabilities have debit balances.
• D)Assets and liabilities have debit balances.

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Definitions:

IASC

The International Accounting Standards Committee, responsible for developing global accounting standards.

Investing Activity

Refers to the purchase and sale of long-term assets and other business investments, typically not related to the entity's ordinary line of business.

Obtaining Funds

The act of securing financial resources for personal or business needs through various means such as loans, investments, or grants.

Public Accountant

A certified professional who provides accounting services to the public, including auditing, taxation, and financial consulting.