Question: What do the terms debit and credit mean ? Question content area bottom Part 1 A . The terms debit and credit simply mean left
What do the terms debit and creditmean
Question content area bottom
Part
A
The terms debit and credit simply mean left and right and do not imply increase or decrease. Account changes resulting from debiting or crediting an account can only be determined if we know the type of accountasset liability,revenue expense,etc and the rules of debits and credits for that account. Debiting an account simply means entering a numerical value on the leftside and crediting an account will result in entering a value on the right side.
B
The terms debit and credit simply mean left and right and implies increase or decrease. Account changes resulting from debiting or crediting an account can only be determined if we know the type of accountasset liability,revenue expense,etc and the rules of debits and credits for that account. Debiting an account simply means entering a numerical value on the leftside and crediting an account will result in entering a value on the right side.
C
The terms debit and credit simply mean left and right and do not imply increase or decrease. Account changes resulting from debiting or crediting an account can only be determined if we know the type of accountasset orliability and the rules of debits and credits for that account. Debiting an account simply means entering a numerical value on the rightside and crediting an account will result in entering a value on the left side.
D
The terms debit and credit simply mean increase and decrease. Debiting an account simply means increasing the numericalvalue and crediting an account will result in decreasing the value. Debits must always equal credits.
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