Indicate Whether the Account Is an Asset (A),liability (L),stockholders' Equity

question 105

Essay

Indicate whether the account is an asset (A),liability (L),stockholders' equity (SE),revenue (R)or expense (E)account.Also indicate if the account would appear on the Balance Sheet (BS),Income Statement (IS),Statement of Cash Flows(CF)or the Statement of Retained Earnings (SRE).

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Definitions:

Void Contract

An agreement that is not legally binding because an essential element is missing.

Oral Agreement

An agreement made verbally without written documentation, enforceable only under specific circumstances and often harder to prove.

Infant

In legal terms, refers to a person who is under the age of majority, and thus limited in their legal capacity to contract or make decisions.

Defame

To damage someone's reputation, name, or character through false and malicious statements.