One often hears the statement: Debits are bad and credits are good for the business. Do you

Question:

One often hears the statement: ‘Debits are bad and credits are good for the business.’ Do you agree? Why or why not?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

See More Books

Question Posted: Jun 18, 2019 10:03 AM

See More Questions

One often hears the comment A business keeps two sets of recordsone for the bank and one for tax purposes. While this comment has sinister connotations, to what extent is it not sinister? Explain how...
One often hears that corporations are entitled to more deductions for tax purposes than individuals. Based on your reading of Chapter 3, is this statement true? Explain.
Write the answers to the following questions in the space provided. Register Reports 1. What is the total amount of purchase orders for the period? 2. What is the total amount of purchase invoices...
solve system of equation: 22-4=4 81+y = -9 @solve the system of equation: x-Y = -5 xy = -3 find larger and smuller value and intersection point. 3) Solve following system of equation 2 x+y=0- 2 x -...
Justify the statement that there are n ! different n n permutation matrices.
In Exercises sketch the curve represented by the parametric equations (indicate the orientation of the curve), and write the corresponding rectangular equation by eliminating the parameter. x = t +...
Plaintiff purchased stain and paint from defendant that, upon application, presented significant issues: discoloration and cracking. These issues became apparent 30 days after receipt of the...
Life, Inc., experienced the following events in 2016, its first year of operation: 1. Performed counseling services for $36,000 cash. 2. On February 1, 2016, paid $18,000 cash to rent office space...
A polar exploration team based near the south pole is faced with an emergency in which a very important housing and supplies module must be lifted by a special 1 crane, swung across a deep glacial...
In this problem we will explore how modifying the gravitational force law changes orbits. In order to do this problem, you will need to understand how elliptic orbits result from Newtons...
The owner of a very small, part-time business is very disorganised and doesnt like filing invoices, accounts and receipts. What is the point of keeping all that paper work?, he asks. Once the details...
Your friend is having difficulty grasping the rules of debits and credits. Using the idea that in some countries vehicles must travel on the left hand side of the road while in others they must...
Two trains face each other on adjacent tracks. They are initially at rest 40 m apart. The train on the left accelerates rightward at 1.4 m/s 2 . The train on the right accelerates leftward at 2.2 m/s...
What skills do accountants have to contribute to the development/acquisition process?
What are some of the components of flexible manufacturing systems (FMS), and how do they work?
What are the key controls associated with the cash receipts business process? Explain each control.
What are some of the characteristics and advantages of a JIT system?
What is systems implementation?
An investigator polls common cold sufferers, asking them to estimate the number of hours of physical discomfort caused by their most recent colds. Assume that their estimate approximate a normal...
Which of the followingcarbocations is the least stable? CH3CH2 . CH3CHCH3 CH3 I . CH3C0 T CH3 IV. V. CH3 CH3CCH2 CH3
Vanguard Corporation issued $8,000,000 of 10% bonds on September 1, 2023, due on September 1, 2029. The interest is to be paid twice a year on August 31 and February 28. The bonds were sold to yield...
If football matches were shortened form 90 minutes to 45 minutes, would you expect more uncertainty of outcome or less? Refer to any sports economic theories.
The Canadian Restaurant Association states that the restaurant industry has an economic effect of more than $1.7 trillion annually, with every dollar spent in restaurants generating an estimated...

One often hears the statement: Debits are bad and credits are good for the business. Do you

Question:

Step by Step Answer:

This statement is nonsense The debits and credits are ...View the full answer

Accounting

Students also viewed these Business questions