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Posted: June 8th, 2022
xacc290 week1 dq 5
Question description
Financial_Accounting_6e_Ch01.pdfFinancial_Accounting_6e_Ch02.pdfFinancial_Accounting_6e_Ch03.pdfOne of the Basic Principles
of Accounting is that in a "Double Entry" system, Debits = Credits. In the
balance sheet Assets are increased by debits and Liabilities are increased by
credits. In the Income Statement (or P/L statement) Income is increased by a
credit and Expenses are increased by debits. What is going to be your trick to
remember this throughout the course? Creativity is encouraged..
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