Asked by
Joel Ismael Gonzalez
on Nov 14, 2024
Verified
The best interpretation of the word credit is the
A) offset side of an account.
B) increase side of an account.
C) right side of an account.
D) decrease side of an account.
Credit
An accounting entry that represents an increase in liabilities or equity or a decrease in assets, opposite of a debit.
Offset Side
The side of a transaction that counterbalances the primary entry, ensuring the accounting equation remains balanced.
Increase Side
The side of an account on which increases are recorded, depending on the type of account it could be the debit or credit side.
- Gain insight into the organization and tasks of accounts in the accounting scheme.
- Determine the dissimilar consequences of debits and credits on assorted types of accounts.
Verified Answer
DB
Learning Objectives
- Gain insight into the organization and tasks of accounts in the accounting scheme.
- Determine the dissimilar consequences of debits and credits on assorted types of accounts.