Which of the Following Accounts Are Debited to Record Increase

question 80

Multiple Choice

Which of the following accounts are debited to record increase in balances?

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

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Definitions:

Substantial Performance

Refers to a situation where a party has completed most of a contract's terms, fulfilling enough of the contract to warrant payment, though some minor elements may still be needed.

Complete Performance

Complete Performance refers to the full and exact execution of all terms and obligations as outlined in a contract or agreement, leaving no duties unfulfilled.

Tender

An offer to perform an obligation or supply goods at a fixed price.

Condition Subsequent

A condition in a contract that, if it occurs, terminates an already established right or obligation.