Asked by
Arianna Lawlor
on Oct 16, 2024
Verified
Identify the statement below that is correct:
A) The left side of a T-account is the credit side.
B) Debits decrease asset and expense accounts,and increase liability,equity,and revenue accounts.
C) The left side of a T-account is the debit side.
D) Credits increase asset and expense accounts,and decrease liability,equity,and revenue accounts.
E) The total amount debited need not equal the total amount credited for a particular transaction.
T-account
A visual representation used in accounting to depict the debit and credit sides of an account.
Debits
Financial transactions representing increases in assets or expenses or decreases in liabilities, equity, and income.
Credits
Entries made in the accounting records to increase liabilities or revenues, or to decrease assets or expenses.
- Comprehend the principles of debit and credit within the realm of accounting.
Verified Answer
EB
Learning Objectives
- Comprehend the principles of debit and credit within the realm of accounting.