Question

Does debit always mean increase and credit always mean decrease?

Answer 1

Increase and Decrease in Debit and Credit.

Explanation:

• A debit means increased under limited conditions.
• If the account is an asset or expense account then the statement is always true.
• But if the account is a liability or equity account then the statement is always false.
• When it comes to credit, it means the decreases under limited conditions.
• If the account is a liability or equity account then it will always increase.
• However, if the account is an asset or expense account then it will always decrease.

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Explain me about debit and credit with example

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Answer 2

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