Which of the following statements regarding accounts is correct?
A) Revenues are increased by debits.
B) Expenses are decreased by debits.
C) Assets are decreased by debits.
D) Liabilities are decreased by debits.
Correct Answer:
Verified
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Q18: Which element of an accounting system provides
Q19: The journal entry to record the payment
Q20: A debit increases the balance of which
Q22: Interest payable, income tax payable and salary
Q23: What is the first step in the
Q24: The account credited when supplies are purchased
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A) a list of
Q26: The normal balance of the Supplies account
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