What is the difference between a debit and a cr... - SS1 Accounting Control Account Terminologies Question
What is the difference between a debit and a credit?
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
correct option: a
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