Liability Accounts Should Only Be Debited and Never Credited

question 48

True/False

Liability accounts should only be debited and never credited.

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Definitions:

Linear Programming

A mathematical method used to find the best outcome (such as maximum profit or lowest cost) in a given mathematical model for some list of requirements represented as linear relationships.

Constraint

A limitation or restriction in a process, system, or activity that affects its performance or capacity.

Objective Function

A mathematical function used in optimization to define the goal of the operation, such as maximizing profit or minimizing cost.

Maximize Contribution

An objective often pursued in business to enhance the difference between total revenues and total costs, thereby increasing profitability.