5 Questions
When is an account considered Debit according to the rules discussed?
When it obtains a benefit
What is the basis for considering an account as Credit?
When it provides a benefit
When is an asset Debited according to the rules for Assets?
When the asset is created or purchased
What leads to an account being considered Credit for an asset?
When the business has a responsibility to return a benefit in the future
What is the key factor for an account to be debited according to the rules for Debit and Credit?
Obtaining a benefit
Test your knowledge of accounting principles with this quiz on the rules of debit and credit. Sharpen your understanding of which accounts are debited and credited in various transactions and how they impact the financial health of a business.
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