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Questions and Answers
When is an account considered Debit according to the rules discussed?
When is an account considered Debit according to the rules discussed?
- When it obtains a benefit (correct)
- When it provides a benefit
- When it has a responsibility to return a benefit in the future
- When it creates an asset
What is the basis for considering an account as Credit?
What is the basis for considering an account as Credit?
- When it has a responsibility to return a benefit in the future
- When it provides a benefit (correct)
- When it creates a liability
- When it obtains a benefit
When is an asset Debited according to the rules for Assets?
When is an asset Debited according to the rules for Assets?
- When the asset provides a benefit
- When the asset is sold or disposed of
- When the asset is created or purchased (correct)
- When the asset has a future responsibility
What leads to an account being considered Credit for an asset?
What leads to an account being considered Credit for an asset?
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What is the key factor for an account to be debited according to the rules for Debit and Credit?
What is the key factor for an account to be debited according to the rules for Debit and Credit?
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