Which of the following is true about a "debit"? I.It is part of the double-entry procedure that keeps the accounting equation in balance.II.It represents an increase to assets.III.It represents a decrease to liabilities.IV.It is on the right side of a T-account.
A)I and II.
B)IV only.
C)I,II,and III.

Question

Quizplus · Accepted Answer

A debit is an entry in the left side of a T-account and represents an increase in assets, a decrease in liabilities, or an expense. It is a part of the double-entry procedure, which ensures that the accounting equation (Assets = Liabilities + Equity) is always in balance. Therefore, statements II and III are correct, and statement I is also true because it mentions the double-entry procedure.

Which of the Following Is True About a "Debit"? I