Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 3 - The Accounting Information System - Questions: 6

Answer

No. Debit does not always mean increase and credit does not always mean decrease. Some accounts increase with credit and decrease with debit.

Work Step by Step

The asset accounts increase with debit and decreases with credit. The liabilities and equity accounts increase with credit and decrease with debit.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.