Asked by
Heidi Perez
on Nov 15, 2024
Verified
The equality of debits and credits is the basis for
A) the double-entry accounting system.
B) the single-entry accounting system.
C) the T account.
D) all accounting systems.
Debits
These are entries on the left side of accounting records, used to increase asset or expense accounts or decrease liabilities, equity, or revenue accounts.
Credits
Accounting entries that increase liabilities or equity or decrease an asset or expense.
- Gain an understanding of the basic concepts of double-entry accounting.
- Understand the significance of preserving balance between debits and credits.
Verified Answer
GP
Learning Objectives
- Gain an understanding of the basic concepts of double-entry accounting.
- Understand the significance of preserving balance between debits and credits.
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