Regarding T-Accounts,which of the Following Statements Is Correct

question 170

Multiple Choice

Regarding T-accounts,which of the following statements is correct?

• A) A T-account is a more detailed form of an account in the journal.
• B) The right side of a T-account is a debit for asset accounts and a credit for equity accounts.
• C) Debits are posted on the right side of the vertical line.
• D) A T-account is a summary device with credits posted on the right side of the vertical line.

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Definitions:

Small Business Administration

A U.S. government agency that provides support to entrepreneurs and small businesses in the form of loans, loan guarantees, counseling, and other resources.

Major Lending Source

A primary institution or entity that provides significant amounts of capital or loans to individuals or businesses for various purposes such as investment, purchasing, or expansion.

Small Business Investment Company

A privately owned investment company licensed by the Small Business Administration (SBA) to provide financing to small businesses.

Government Loans

Funds provided by the government to individuals, businesses, or other entities, often with more favorable terms than private loans.