Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 18 - No. 7)
In accounting terms, what does 'credit' generally represent?
A decrease in an asset or an increase in a liability or equity.
An increase in an asset or a decrease in a liability or equity.
An increase in an asset and a decrease in a liability.
A decrease in an asset and an increase in a liability.
Explanation
A credit decreases assets or increases liabilities or equity.
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