Which of These Is Incorrect

question 16

Multiple Choice

Which of these is incorrect?

• A) The normal balance for an asset is a debit.
• B) The normal balance for a liability is a credit.
• C) The normal balance for equity is a debit.
• D) The normal balance for income is a credit.

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Definitions:

Civilized Society

A society marked by the development of social, cultural, and legal institutions that reflect advanced stages of human progress.

Corporations

Legal entities separate from their owners, created under state law, capable of conducting business, owning assets, and incurring liabilities.

Tort Theory

An area of law that deals with civil wrongs and damages caused by one party to another, not arising from contracts.

Deliberate

Intentionally considering or planning something.