Asked by Ashley Fondeur on Jul 08, 2024
Verified
Assets are increased with debits and decreased with credits.
Assets
Resources owned by a company or individual that have economic value and can provide future benefits.
Debits
Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue.
Credits
Entries that increase liabilities, revenues, or equity, or decrease assets or expenses in accounting.
- Acquire knowledge on the core ideas of debits and credits involved in accounting transactions.
- Ascertain the characteristics and customary balances for diverse account types, including assets, liabilities, equity, revenue, and expenses.
Verified Answer
OR
Omayra RiveraJul 12, 2024
Final Answer :
True
Explanation :
This statement follows the rules of double-entry accounting, which means that every transaction has both a debit and a credit entry. For asset accounts, debits increase the balance and credits decrease the balance.
Learning Objectives
- Acquire knowledge on the core ideas of debits and credits involved in accounting transactions.
- Ascertain the characteristics and customary balances for diverse account types, including assets, liabilities, equity, revenue, and expenses.