Which of the Following Accounts Are Debited to Record Increases

question 46

Multiple Choice

Which of the following accounts are debited to record increases?

• A) assets and liabilities
• B) drawing and liabilities
• C) expenses and liabilities
• D) assets and expenses

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Definitions:

Revenue Accounts

Accounts recording the income a company generates from its operations, not related to its investments or other sources.

Gain Accounts

Accounts reflecting increases in equity, other than those relating to contributions from equity participants, typically from transactions and other events affecting the entity.

Debited

To be debited means an amount has been recorded on the left-hand side of a financial account, indicating an increase in assets or a decrease in liabilities.