An Account That Normally Has a Debit Balance May Occasionally

question 31

True/False

An account that normally has a debit balance may occasionally have a credit balance.

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Definitions:

Title

A legal term that signifies ownership rights over property, assets, or an interest in property or assets.

Destination Contracts

Agreements where the seller is responsible for delivering goods to a specific place, and risk of loss does not pass to the buyer until the goods reach that location.

Identification

The process of recognizing or establishing the identity of a person or thing.

Owner in Common

A form of property ownership in which two or more individuals share ownership rights in a property without specific divisions among them.