On a statement of financial position/balance sheet the total of debit balances equals the total of credit balances.

Name: On a statement of financial position/balance sheet the total of debit balances equals the total of credit balances.
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This is the fundamental principle of double-entry accounting, which requires every transaction to have an equal and opposite effect on two or more accounts. As a result, the total of all debits must always equal the total of all credits in the financial statements.

On a Statement of Financial Position/balance Sheet the Total of Debit