Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 24 - No. 11)
Which of the following statements is true regarding the debit and credit rules?
Debit increases assets, credit decreases assets.
Debit decreases liabilities, credit decreases liabilities.
Debit increases expenses, credit decreases expenses.
Debit increases equity, credit increases equity.
Explanation
The basic rules of debit and credit state that debits increase assets and debits decrease liabilities.
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