Liabilities Normally Carry a _______ Balance and Are Shown in the ______________

question 144

Multiple Choice

Liabilities normally carry a _______ balance and are shown in the ______________.

• A)Debit;Statement of stockholders' equity.
• B)Debit;Income statement.
• C)Credit;Balance sheet.
• D)Debit;Balance Sheet.

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Definitions:

Unilateral Contract

An agreement in which one party makes a promise in exchange for an act performed by another party.

Consideration

In contract law, a crucial element that refers to something of value promised to another when making a contract.

Liquidated Debt

Debt for which there is no dispute between the parties about the fact that money is owed and the amount of money owed.

Enforceable Accord

An agreement that is legally binding and can be upheld in court.