Examlex
Which of these is most likely to lead to gridlock?
Debits
Entries on the left side of a double-entry bookkeeping system that increase asset or expense accounts, or decrease liability, equity, or revenue accounts.
Debits
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet or in an individual's bank account.
Assets
Resources owned or controlled by a person or company, expected to bring future economic benefits.
Credits
Accounting entries that increase liabilities or equity on the balance sheet, or decrease an asset or expense account on the income statement.
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