2006-09-20 05:32:10 · 11 answers · asked by Rn-p 1 in Business & Finance ➔ Other - Business & Finance
False. A debit is half of double-entry bookkeeping, the other half being credit. Most basically, a debit is the left column and a credit is the right column in bookkeeping. Both are entered as positive numbers. The total of all debits should equal the total of all credits.
There is usually confusion with these terms because credit is used differently in common speech and debit is often confused with debt. To avoid confusion over debits and credits, avoid thinking of them in the way that they are used in everyday language, which often refers to a credit as increasing an account and a debit as decreasing an account. Whether a debit or a credit increases or decreases an account balance depends on the type of account. Asset and expense accounts are increased on the debit side, and liability, equity, and revenue accounts are increased on the credit side.
2006-09-20 05:51:25 · answer #1 · answered by crgrier 4 · 2⤊ 0⤋
False. Debits are expenses (negative) on the income statement but our assets (positive) on the balance sheet.
2006-09-21 00:18:53 · answer #2 · answered by MagicalMke 4 · 1⤊ 0⤋
True
2006-09-20 12:40:33 · answer #3 · answered by WhiteLilac1 6 · 0⤊ 1⤋
Negative for the owner of the books. Positive for somebody, though!
2006-09-20 12:40:30 · answer #4 · answered by fibreglasscar 3 · 0⤊ 1⤋
false
2006-09-20 12:39:55 · answer #5 · answered by carolyn_brand 1 · 1⤊ 0⤋
true
2006-09-20 12:42:43 · answer #6 · answered by rutchy 3 · 0⤊ 1⤋
true
2006-09-20 12:37:13 · answer #7 · answered by Anonymous · 0⤊ 1⤋
in the techincal sense .. yes..
2006-09-20 12:39:33 · answer #8 · answered by limgrn_maria 4 · 0⤊ 1⤋
true.
2006-09-20 12:39:15 · answer #9 · answered by Anonymous · 0⤊ 1⤋
TRUE
2006-09-20 12:40:24 · answer #10 · answered by w_sandlin 1 · 0⤊ 1⤋