Question on: SS1 Accounting - Control Account Terminologies
What is the difference between a debit and a credit?
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A
Debits increase assets and expenses, while credits increase liabilities, equity, and revenue
B
Debits increase liabilities, equity, and revenue, while credits increase assets and expenses
C
Debits and credits have the same effect on the general ledger
D
Debits and credits are used for tax purposes only
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Correct Option: A
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