Accounts are classified depending on which of the five (5) elements of financial statements it belongs...

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Accounts are classified depending on which of the five (5) elements of financial statements it belongs to: asset, liability, equity, income and expense. Increases and decreases to accounts are recorded with a 'debir' and a 'credit. For each of the account classifications (asset, liability, equity, income and expense) identify whether a decrease would be a 'debit' or a 'credit'. Accounts are classified depending on which of the five (5) elements of financial statements it belongs to: asset, liability, equity, income and expense. Increases and decreases to accounts are recorded with a 'debir' and a 'credit. For each of the account classifications (asset, liability, equity, income and expense) identify whether a decrease would be a 'debit' or a 'credit'.

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Answer Asset Anything that creates economic value or has the ability to produce future benefits i... View the full answer