When Computing the Normal Balance of an Account

question 158

Multiple Choice

When computing the normal balance of an account:

• A)salaries expense should have a credit balance.
• B)accounts payable should have a credit balance.
• C)equipment should have a credit balance.
• D)notes payable should have a debit balance.

---

Definitions:

Subsidy

is financial assistance provided by the government to individuals or groups to support an economic activity deemed beneficial.

Revealed Preferred

A concept in consumer choice theory that preferences can be determined by observing consumer choices under different constraints.

Violates WARP

Refers to a situation where an individual's choice behavior contradicts the Weak Axiom of Revealed Preferences, suggesting inconsistency in their preferences.

Bundle

A combination of goods or services that are sold or consumed together.