A Decrease in a Liability Is Recorded on the ________

question 6

Short Answer

A decrease in a liability is recorded on the ________ side of the account.

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Definitions:

Departments

Distinct divisions within a company or organization designated to handle specific tasks or functions, such as sales, marketing, or human resources.

Catering Department

A division within a company or a facility that is responsible for providing food services for events, meetings, and functions.

Profit Center

A segment or division of a company that is directly responsible for generating its own revenue and profit.

Cost Center

A department or function within a business to which costs are charged for accounting purposes, but does not directly generate revenue.