Which of the Following Explains the Debit and Credit Rules

question 84

Multiple Choice

Which of the following explains the debit and credit rules relating to the recording of revenue and expenses?

• A) Expenses appear on the left side of the balance sheet and are recorded by debits; revenue appears on the right side of the balance sheet and is recorded by credits.
• B) Expenses appear on the left side of the income statement and are recorded by debits; revenue appears on the right side of the income statement and is recorded by credits.
• C) Revenue increases owners' equity and is recorded by a credit; expenses decrease owners' equity and are recorded as debits.
• D) The realization principle and the matching principle.

Understand how mental imagery and mental rotation contribute to cognitive processes.

Comprehend the stages of language development and their characteristics.

Appreciate the cognitive benefits of bilingualism, including cognitive flexibility and academic performance.

Understand the natural progression of business operations.

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Definitions:

Necessary and Proper

A clause in the U.S. Constitution granting Congress the power to pass all laws deemed necessary and proper for carrying out its enumerated powers.

XYZ Affair

A diplomatic incident between France and the United States in 1797-98, which led to an undeclared naval war, caused by French demands for bribes from American negotiators.

Domestic Political Ramifications

The consequences or effects on a country's internal politics resulting from specific actions, policies, or events.

Republic's Ideology

A set of beliefs and values that emphasizes the welfare of the community over individual interests, supporting a form of government where power resides in elected individuals representing the citizen body.