A Debit Card Is

question 92

Multiple Choice

A debit card is

• A)money because it is a means of payment.
• B)not money but is used to transfer bank deposits which are money.
• C)money because it is generally accepted as a means of payment.
• D)not money because it is not officially issued by the government.
• E)part of the M2 money supply but not part of the M1 money supply.

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Definitions:

Debits

Entries that increase asset or expense accounts, or decrease equity, liability, or revenue accounts, typically noted on the left side of an accounting ledger.

Credits

In accounting, credits refer to an entry on the right side of a double-entry bookkeeping system that increases liabilities, equity, or revenue or decreases an asset or expense account.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure a company's bookkeeping system is mathematically correct.

Ledger Accounts

Individual records that summarize transactions related to a specific account within the general ledger.