Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 40 - No. 16)
What is the purpose of a 'Debit' entry in accounting?
To increase liabilities and decrease assets
To decrease expenses and increase assets
To decrease liabilities and increase equity.
To increase assets and decrease liabilities.
Explanation
Debits increase assets, expenses, and dividends; they decrease liabilities, revenues, and equity.
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