Debit Means Increase and Credit Means Decrease for All Accounts

question 3

True/False

Debit means increase and credit means decrease for all accounts.

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Definitions:

Navigation Acts

A series of English laws enacted in the 17th century, aimed at restricting colonial trade to English ships and ensuring that colonies contributed to the economic benefit of the mother country.

Salutary Neglect

A British policy in the early 18th century allowing the American colonies considerable freedom in economic matters, so long as this freedom did not conflict with British economic interests.

Sugar Act 1764

A British law that imposed a tax on sugar and molasses imported into the American colonies, contributing to growing tensions that led to the American Revolution.

Loyal Nine

A secret political organization formed in 1765 in Boston, aiming to fight against the imposition of British taxation and laws.