Which One of the Following Account Groups Normally Has a Debit

question 192

Multiple Choice

Which one of the following account groups normally has a debit balance?

• A) assets and expenses
• B) revenues and expenses
• C) liabilities and revenues
• D) assets and liabilities

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Definitions:

Consumer's Demand

The desire of purchasers, users, or consumers for specific goods or services at a given price over a specified period.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers will replace more expensive items with less costly alternatives.

Hamburger

A popular food item consisting of a cooked patty of ground meat, typically beef, placed inside a sliced bread roll or bun.

Substitution Effect

The economic principle that as prices rise or incomes decrease, consumers replace more expensive items with less costly alternatives.