The Three Basic Processes, in Addition to Consolidation, Required for Remembering

question 79

Short Answer

The three basic processes, in addition to consolidation, required for remembering are _____, _____, and _____.

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Definitions:

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities or equity on a company's balance sheet.

Credit

A bookkeeping record that enhances a liability or equity balance, or diminishes an asset or expenditure balance.

Debits

An accounting entry that increases an asset or expense account, or decreases a liability or equity account, recorded on the left side of the ledger.

Credits

Credits are accounting entries that increase liabilities or equity accounts, or decrease asset or expense accounts.