Which of the following is not true of the terms debit and credit?
A) They can be abbreviated as Dr. and Cr.
B) They can be interpreted to mean increase and decrease.
C) They can be used to describe the balance of an account.
D) They can be interpreted to mean left and right.
Correct Answer:
Verified
Q43: Debits
A) decrease both assets and liabilities.
B) decrease
Q44: An account is a part of the
Q45: Which of the following correctly identifies
Q46: For the basic accounting equation to stay
Q47: In recording an accounting transaction in a
Q49: An account consists of
A) a title a
Q50: An accountant has debited an asset account
Q51: Credits
A) decrease both assets and liabilities.
B) decrease
Q52: An account will have a credit balance
Q53: The best interpretation of the word credit
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents