Asked by Arabella Cutler on Apr 27, 2024
Verified
Which statement(s) concerning cash is (are) true?
A) cash will always have more debits than credits
B) cash will never have a credit balance
C) cash is increased with a debit
D) all are true
Cash
Liquid assets held by an individual or company, which include currency and demand deposits readily available for transactions.
Debits Than Credits
Debits than credits refers to a situation where the total debits in an account or transaction exceed the total credits, impacting the balance.
- Gain insight into the impact of debits and credits on the financial balances of different types of accounts.
Verified Answer
YS
Yeshi SeldonApr 30, 2024
Final Answer :
C
Explanation :
Cash is increased with a debit, but it can also have credit balances when there are deposits made into the cash account. Therefore, statements A and B are false.
Learning Objectives
- Gain insight into the impact of debits and credits on the financial balances of different types of accounts.