0
Is this statement true or false An account is an individual record of increases and decreases in a specific asset liability or stockholders equity item?
Wiki User
∙ 10y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Does a Credit to a liability account increases or decreases?
It increases the credit account
A transaction that increases an asset and decreases a liability must also affect one or more other accounts?
TRUE
What type of liability so stockholders have when it comes to corporate debt ad responsibility?
what type of liability do stockholders have when it comes to corporate debt and responsibility
State laws allowed individual stockholders to risk only the value of their own investments if a corporation should fail established the privilege of?
Limited liability
What decreases an asset and liability?
Decrease in asset means being using of it decreases and liability decrease means payable of debts decreases.
If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
Who faces limited liability for the firm's debts in a corporation?
indiviual stockholders
What term means stockholders are not responsible for debts of the corporation?
limited liability
What is a normal balance for stockholders equity?
Stockholders equity is the amount invested by share holders in business and it is liability of business that's why it has credit balance as a normal balance.
Payment on a portion of Accounts Payable will?
decreases the liability.
As a small business owner what do you need to know about liability?
A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something that someone is responsible for, or something that increases the chance of something occurring (i.e. it is a cause).
What would decrease liability?
Debit balance would decrease the liability as credit balance increases the liability.
