Examlex
Which of the following statements is NOT true?
Asset Account
An account that represents a resource owned or controlled by a business, expected to provide future economic benefits.
Debit
An entry recorded on the left side of an account in double-entry bookkeeping that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.
Liability Account
An accounting record of obligations or debts that a company owes to others, typically outside of the company.
Increase
An upward adjustment or growth in value, quantity, or size.
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