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Debit and credit are the two fundamental aspects of every financial transaction in the double-entry bookkeeping system. True or false?

'Every debit has a corresponding credit'. ...........1. Yes ...........2. No

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Question added by Khaja Moinuddin , Group Assistant Financial Controller , Confidential
Date Posted: 2013/08/31
FITAH MOHAMED
by FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

1........>>>>>>>>>...... Yes

Option1. Yes, In accounting, every entry have two aspects i.e. Debit and Credit.

NASREEN QASSEM ALSHALAAN
by NASREEN QASSEM ALSHALAAN , موظف اداري , الفريق

 Yes

 

Khaled Mohee Eldeen Abbas Mahmoud
by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

#1 Yes (true)

Ghulam Mustafa
by Ghulam Mustafa , Finance Manager , Al Hamli Group of Companies

Yes

 

Rehan Qureshi
by Rehan Qureshi , Financial Consultant , Self Employeed

Yes true,

hahahaha such a fantastic question to secure points

Divyesh Patel
by Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Its true.

 

Credit

  •  

    an entry in the right hand column of an account; credits increase liability, income, and equity accounts and decrease asset and expense accounts 

Debit

  • an entry in the left hand column of an account to record a debt; debits increase asset and expense accounts and decrease liability, income, and equity accounts

mukkur srinivasan varadhan
by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

yes, true.Logic is also equally fundamental.

selamawit afework
by selamawit afework , Accountant , Qatar Financial Centre (QFC) Authority

Yes its true

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