Debit Refers to the Right Side of the T-Account,and Credit

question 142

True/False

Debit refers to the right side of the T-account,and credit refers to the left side.

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Definitions:

Proportions

Ratios or fractions that express the relationship of one part to another or to the whole with respect to quantity, size, or amount.

Profit

The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.

Production Function

A mathematical expression that describes the relationship between input factors of production (like labor and capital) and the output of goods or services.

Labor

Labor refers to the human effort, both physical and mental, used in the production of goods and services.