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Questions and Answers
What is the effect of a debit on an Asset account balance?
What is the effect of a debit on an Asset account balance?
- Increase (correct)
- Decrease
What is the effect of a credit on a Dividends account balance?
What is the effect of a credit on a Dividends account balance?
- Decrease (correct)
- Increase
What is the effect of a debit on an Expenses account balance?
What is the effect of a debit on an Expenses account balance?
- Decrease
- Increase (correct)
What is the effect of a debit on a Liabilities account balance?
What is the effect of a debit on a Liabilities account balance?
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What is the effect of a debit on Stockholders' Equity account balance?
What is the effect of a debit on Stockholders' Equity account balance?
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What is the effect of a debit on Revenues account balance?
What is the effect of a debit on Revenues account balance?
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Study Notes
Accounting Principles: Dealor Framework
-
Assets
- Increase account balance with a debit
- Decrease account balance with a credit
-
Dividends
- Increase account balance with a debit
- Decrease account balance with a credit
-
Expenses
- Increase account balance with a debit
- Decrease account balance with a credit
-
Liabilities
- Decrease account balance with a debit
- Increase account balance with a credit
-
Stockholders' Equity
- Decrease account balance with a debit
- Increase account balance with a credit
-
Revenues
- Decrease account balance with a debit
- Increase account balance with a credit
Key Accounting Concepts
- The Dealor framework aids in understanding the effects of debits and credits on various account types.
- Assets, dividends, and expenses generally increase with debits and decrease with credits.
- Liabilities, stockholders' equity, and revenues typically increase with credits and decrease with debits.
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