Question: What is the difference between a debit and a credit in accounting? a ) Debits always decrease accounts and credits always increase accounts. b )

What is the difference between a debit and a credit in accounting?
a) Debits always decrease accounts and credits always increase accounts.
b) Credits always decrease accounts and debits always increase accounts.
c) Debits are used for expenses and credits are used for revenue.
d) There is no difference, they mean the same thing.????>?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

What is the difference between a debit and a credit in accounting? a ) Debits always decrease accounts and credits always increase accounts. b ) Credits always decrease accounts and debits always...

Q:

What is the difference between a debit and a credit in accounting? a ) Debits always decrease accounts and credits always increase accounts. b ) Credits always decrease accounts and debits always...

Q:

What is the difference between a debit and a credit in accounting? a ) Debits always decrease accounts and credits always increase accounts. b ) Credits always decrease accounts and debits always...

Q:

What is the difference between a debit and a credit in accounting? a ) Debits always decrease accounts and credits always increase accounts. b ) Credits always decrease accounts and debits always...

Q:

Question 1 2.5pts The process of transferring the data from the journal into the ledgers is called: Group of answer choices footing transponding posting journalizing Flag this Question Question 2...

Q:

I would like help to this Accounting Homework assignment. Its due in 3 hours. Thank you in advance. Question 1 Which account below should be debited to record the purchase of merchandise for resale...

Q:

GOVERNMENT ACCOUNTING AND AUDITING Kindly answer the following: Government Accounting is defined as the composite process of analyzing, recording, classifying, summarizing and communicating all...

Q:

\begin{tabular}{|l|l|l} \hline (Difference between debits and credits - you want this to be $0) & (Difference between debits and credits - you want this to be $0 ) \end{tabular} Home Insert Draw Page...

Q:

Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will...

Q:

Help me please with clear explanation of the answer thankyou. Use a clean paper for better understanding. Present it in good accounting form 6. Which accounting principle primarily supports the use...

Q:

In a bottle- filling process, the amount of drink injected into 16 oz bottles is normally distributed with a mean of 16 oz and a standard deviation of .02 oz. Bottles containing less than 15.95 oz do...

Q:

INNOVATIONS company has three regular employees who are paid on monthly basis at the last day of each month. The following is the payroll register as of June 30th: Employee G. Still K. Von V. Reid...

Q:

paraphrase an opinion on the analysis below The capital structure of a firm describes how it pays its bills through debt and equity. It reveals whether a business relies more heavily on leverage or...

Q:

What is the significance of Civil Rights Act of 1 9 6 4 ? It addresses discrimination in voting practices. It focuses on equal pay for equal work regardless of gender. It mediates disputes between...

Q:

2. Tootsie remains one of the best fi lms ever made depicting gendered nonverbal communication. View the fi lm, and notice how lead actor Dustin Hoffman changes his nonverbal behaviors when he is...

Q:

4. How can you improve your eff ectiveness in using and interpreting nonverbal communication?

Q:

2. Describe the spatial arrangements in the home of your family of origin. Was there a room in which family members interacted a good deal? How was furniture arranged in that room? Who had separate...