Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 9 - No. 37)
What does the term "debit" in accounting mean?
An increase in assets and a decrease in liabilities.
An increase in liabilities and a decrease in assets.
A decrease in owner's equity and an increase in the assets.
An increase in equity and an increase in assets.
Explanation
Debit increases assets and decreases liabilities.
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