Examlex
Operational Definitions A panel of beer drinkers participated in a blind taste test in which each participant ranked craft brews from first to fifth place.Which scale of measure did the contestants use?
Debit
An accounting entry that increases an asset or expense account, or decreases a liability or equity account. It is positioned on the left in an accounting entry.
Credit
An accounting entry that increases a liability or equity account or decreases an asset or expense account, reflecting the opposite of a debit.
Basic Accounting Equation
Assets = Liabilities + Stockholders’ Equity.
Assets
Resources owned by a business or individual that have economic value and can be converted into cash.
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