The Normal Balance for Any Account Is Always the Side

question 55

True/False

The normal balance for any account is always the side of the account (debit or credit) where increases are recorded.

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Definitions:

Dividends

Payments made by a corporation to its shareholders from its profits or reserves.

LLPs

Limited Liability Partnerships, a legal structure for businesses where partners have limited liabilities.

Professional Practice

The conduct and work that someone in a specific profession, committed to ethics and standards, engages in.

Legal Group

A team of legal professionals who provide advice and representation on legal matters.