Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 3 - No. 46)
What does the term "debit" represent in a general journal entry?
a) An increase in assets or expenses, or a decrease in liabilities, equity, or revenue.
b) A decrease in assets or expenses, or an increase in liabilities, equity, or revenue.
c) The opposite of credit.
d) A type of transaction.
Explanation
Debits increase assets and expenses and decrease liabilities, equity, and revenue.
Comments (0)
