On a Bank Statement, Deposits Are Listed as Credits Because

question 124

True/False

On a bank statement, deposits are listed as credits because the bank increases its liability to the depositor when the deposit is made.

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Definitions:

Factors of Production

The resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Opportunity Cost

The real cost of an item: what you must give up in order to get it.

Explicit Cost

Direct, out-of-pocket payments for expenses incurred in business operations, such as wages, rent, and materials.

Monetary Cost

The amount of money that must be paid or spent to acquire goods, services, or assets.