Examlex
Which of the following statements explains why there is an elastic layer found in arteries, but not veins?
Debits
Entries made on the left-hand side of an account, representing an increase in assets or expenses or a decrease in liabilities, equity, or revenue.
Increase Side
Typically refers to the side of an account (debit or credit) used to record increases in that account, varying by the type of account.
Normal Balance
The side (debit or credit) of an account that is expected to have a higher balance, considering the account type (asset, liability, etc.).
Double-Entry Accounting
A bookkeeping system that records each transaction in two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.
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