When a liability is reduced or decreased, it is recorded on the:
A. Left or credit side of the account
B. Right or debit side of the account
C. Right or credit side of the account
D. Left or debit side of the account
Answer: Option D
Solution(By Examveda Team)
When a liability is reduced or decreased, it is recorded on the Left or debit side of the account.This Question Belongs to Commerce >> Accounting
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Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Need more clarity in solution.