Which of the Following Accounts Could Not Have a Credit

question 34

Multiple Choice

Which of the following accounts could not have a credit balance?

• A)accounts payable
• B)fee income
• C)office furniture
• D)capital

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Definitions:

Caveat Emptor

A Latin phrase meaning "let the buyer beware," indicating that the buyer assumes the risk regarding the quality and condition of the product being purchased.

Freedom Of Contract

The principle that individuals have the liberty to choose who they enter into contracts with and the terms of those agreements.

Federal Competition Act

Legislation aimed at promoting fair competition in the marketplace to protect consumers and businesses.

Violation

The act of disregarding or not complying with a law, agreement, or code of conduct.