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 - Page 137: 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.
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