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Exam IIA-CIA-Part3 topic 2 question 124 discussion

Actual exam question from IIA's IIA-CIA-Part3
Question #: 124
Topic #: 2
[All IIA-CIA-Part3 Questions]

In accounting, which of the following statements is true regarding the terms debit and credit?

  • A. Debit indicates the right side of an account and credit the left side.
  • B. Debit means an increase in an account and credit means a decrease.
  • C. Credit indicates the right side of an account and debit the left side.
  • D. Credit means an increase in an account and debit means a decrease.
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Suggested Answer: C 🗳️

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34205ac
1 week, 4 days ago
Selected Answer: C
C is the correct answer
upvoted 1 times
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ZoeLee
8 months, 2 weeks ago
Selected Answer: C
B is not correct.a debit increases the balance of an asset, expense, or loss account and decreases the balance of a liability, equity, revenue, or gain account. Conversely, a credit increases the balance of a liability, equity, gain, or revenue account and decreases the balance of an asset, loss, or expense account.
upvoted 2 times
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