When using a double-entry accounting system, debits always equal owner's equity.

Name: When using a double-entry accounting system, debits always equal owner's equity.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

In a double-entry accounting system, debits do not always equal owner's equity. Instead, the system is based on the accounting equation where assets = liabilities + owner's equity, and for every transaction, the total debits must equal the total credits to maintain this balance.

When Using a Double-Entry Accounting System, Debits Always Equal Owner's