Asked by
Shelby Storie
on Nov 18, 2024Verified
Expenses follow the same debit and credit rules as
A) revenues
B) assets
C) none of these
D) liabilities
Expenses
Costs incurred in the process of earning revenues, generally categorized as operating or non-operating.
Debit
An accounting entry that increases assets or expenses or decreases liabilities, equity, or revenue.
Credit
The granting of a loan and the creation of debt; any form of deferred payment.
- Achieve proficiency in the rules of debits and credits within accounting practices.
Verified Answer
AS
Learning Objectives
- Achieve proficiency in the rules of debits and credits within accounting practices.
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