Which of the following is a true statement regarding debits and credits?
A)If a company earned a profit,debits will not equal credits.
B)For a business,debits are better than credits.
C)A company's books are not in balance if they have a current period loss.
D)Assets and expenses are both increased with a debit.
E)Liabilities and equity are both increased with a debit.

Question

Quizplus · Accepted Answer

Assets and expenses are increased with a debit, while liabilities, equity, and revenues are increased with a credit. Therefore, D is the only true statement regarding debits and credits in the given options.

Which of the Following Is a True Statement Regarding Debits