Answered: rue or False a A credit always means…

rue or False a A credit always means increase. b A debit is the left side of any account. c A ledger can be prepared manually or by computer. d Footings replace the need for debits and credits.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

True or False
a A credit always means increase.
b A debit is the left side of any account.
c A ledger can be prepared manually or by computer.
d Footings replace the need for debits and credits.

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