An account has three parts to it; a title, an increase side, and a decrease side.

Name: An account has three parts to it; a title, an increase side, and a decrease side.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is true. An account has a title to identify what it represents, an increase side where all additions are recorded, and a decrease side where all subtractions are recorded. This is known as the double-entry accounting system.

An Account Has Three Parts to It; a Title, an Increase