Which of the following statement about an account is true?
(a). The right side of an account is the debit, or increase side.
(b) An account is an individual accounting record of increases and decreases in specific asset, liability, and stockholders' equity items. (c)There are separate accounts for specific assets and liabilities but only one account for stockholders' equity items.
(d) The left side of an account is the credit, or decrease, side.
Answers
Answer:
Both a) and b) are true about accounts.
Accounts consist of two parts: debits and credits. An account is an individual accounting record of increases...
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Answer:
The statement which is true about an account is :
(b) An account is an individual accounting record of increases and decreases in specific asset.
Explanation:
Accounting is a manner of recording, classifying and summarizing monetary transactions in a substantial way and deciphering outcomes there-of. Accounting is both science and art. For each kind of entity, whether or not it's miles huge in length or small in length, it's miles very crucial to have a right system of accounting for correct control of an entity’s enterprise operations. An accountant ought to have an excellent expertise of the phrases utilized in accounting and sorts of accounts.
An account is the systematic presentation of all of the transactions associated with a selected head. An account indicates the summarized statistics of transactions associated with a worried individual or thing.
An account is expressed in a statement form. It has two sides. The left-hand aspect of an account is known as a Debit side while right-hand aspect is known as as Credit side. The debit is denoted as ‘Dr’ and credit score is denoted as ‘Cr’.
To know about credit entry : https://brainly.in/question/34146128
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