A Debit Balance in Retained Earnings Is Referred to as A(n)

question 126

Multiple Choice

A debit balance in retained earnings is referred to as a(n) :

• A) normal balance
• B) asset
• C) deficit
• D) liability

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Definitions:

Contributory Negligence

A legal doctrine that reduces the amount of damages a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to the injury.

Assumed Risk

A principle that a person may voluntarily undertake or accept a risk inherent to an activity, thus absolving others from liability for any injury resulting from that risk.

Last Clear Chance

is a doctrine in tort law that allows a plaintiff to recover damages despite proof of contributory negligence if the defendant had the last opportunity to avoid the accident.

Intervening Cause

A legal term for an event that occurs after a party's initial act of negligence and contributes to a harmful event without breaking the causal link between the negligent act and the harm.