Which of the Following Is/are True About a "Credit"? I

question 139

Multiple Choice

Which of the following is/are true about a "credit"? I.It is part of the double-entry procedure that keeps the accounting equation in balance.
II) It represents a decrease to assets.
III) It represents an increase to liabilities.
IV) It is on the right side of a T-account.

• A)I and II.
• B)IV only.
• C)I,II,and III.
• D)I,II,III,and IV.

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IRS Determination

An official decision made by the Internal Revenue Service on a specific tax matter.

Principal-Agent Relationship

A legal relationship where one party (the agent) acts on behalf of another party (the principal) in business transactions.