Asked by
Andrea Avila
on Oct 16, 2024Verified
A debit:
A) Always increases an account.
B) Is the right-hand side of a T-account.
C) Always decreases an account.
D) Is the left-hand side of a T-account.
E) Always increases liability accounts.
T-Account
A visual representation used in accounting to depict the debit and credit sides of individual accounts.
Debit
A debit is an accounting entry that increases an asset or expense account, or decreases a liability or equity account, and is reflected on the left-hand side of an accounting ledger.
Liability Accounts
Accounts on a company's balance sheet that represent amounts owed to creditors, including loans, accounts payable, and other financial obligations.
- Comprehend the basic principles of debits and credits in accounting.
Verified Answer
NG
Learning Objectives
- Comprehend the basic principles of debits and credits in accounting.