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[Get Answer ]-Xacc290 Week 1 Dq 5

Question Description

One of the Basic Principles of Accounting is that in a “Double Entry” system, Debits = Credits.  In the balance sheet Assets are increased by debits and Liabilities are increased by credits.  In the Income Statement (or P/L statement) Income is increased by a credit and Expenses are increased by debits.  What is going to be your trick to remember this throughout the course?  Creativity is encouraged..Financial_Accounting_6e_Ch01.pdf

Financial_Accounting_6e_Ch02.pdf

Financial_Accounting_6e_Ch03.pdf

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