In Accounting Terms, a Debit Indicates an Increase in a Liability

question 13

True/False

In accounting terms, a debit indicates an increase in a liability account and a decrease in an asset (or income) account.

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Definitions:

Flow Chart

A graphical representation of a process, showing the steps as boxes of various kinds, and their order by connecting them with arrows.

Major Events

Significant occurrences or happenings, often of public interest, that can have a considerable impact on societies or industries.

Management By Objectives (MBO)

A management strategy wherein specific objectives are set collaboratively for the organization, allowing employees to work towards clearly defined goals.

Task Analysis

The examination and breakdown of tasks to understand their components, processes, and the skills required for their completion.