Identify the Statement Below That Is Correct

question 78

Multiple Choice

Identify the statement below that is correct?

• A)The left side of a T-account is the credit side.
• B)Debits decrease asset and expense accounts,and increase liability,equity,and revenue accounts.
• C)The left side of a T-account is the debit side.
• D)Credits increase asset and expense accounts,and decrease liability,equity,and revenue accounts.
• E)In certain circumstances the total amount debited need not equal the total amount credited for a particular transaction.

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Definitions:

Time is of the Essence

A clause in contracts that specifies that exact times and dates are crucial and non-adherence to them constitutes a breach of contract.

Strict Performance

A legal standard requiring parties to a contract to fulfill their obligations exactly as specified in the contract, without deviation or error.

Express Condition

A specific condition explicitly stated in a contract that must be fulfilled for the contract's obligations to be performed.

Condition Subsequent

A condition that operates to relieve or discharge one from his obligation under a contract.