Asked by
vishal yadav
on Nov 15, 2024
Verified
An increase in an asset is recorded by a debit.
Asset
Resources owned by a company from which future economic benefits are expected to flow to the entity.
Recorded
The process of documenting financial transactions in accounting records.
Debit
A financial transaction that causes a rise in the assets or a fall in the liabilities of a corporation's balance sheet.
- Comprehend the principles of debits and credits within the framework of the double-entry bookkeeping system.
- Recognize the typical balances for diverse account types (assets, liabilities, equity).
Verified Answer
KO
Learning Objectives
- Comprehend the principles of debits and credits within the framework of the double-entry bookkeeping system.
- Recognize the typical balances for diverse account types (assets, liabilities, equity).