Asked by Lidya Angelita on Mar 10, 2024

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To determine the balance in an account, always subtract credits from debits.

Credits

In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet, corresponding to the double-entry bookkeeping system.

Debits

Entries made on the left-hand side of an account record in double-entry bookkeeping, indicating increases in assets or expense accounts, or decreases in liabilities, equity, or revenue accounts.

Account Balance

The amount of money present in a financial account at any given moment, which can be positive (credits) or negative (debits).

  • Comprehend the fundamental concepts behind documenting financial activities.
  • Acquire knowledge about the function of debits and credits and their effect on account balances.
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Timothy SterlingMar 10, 2024
Final Answer :
False
Explanation :
To determine the balance in an account, you need to subtract debits from credits.