The rules of debit and credit prescribe when to debit or credit an account for a transaction. This is the immediately preceding step to actual recording, after a recognition-decision determination, and choice of measurement basis. If an account increases or decreases, it is debited or credited, depending on its normal balance. The double entry system requires that for every debit there must be a corresponding credit. Every transaction involves at least one debit and one credit.

MAIN PRESENTATION

Click the button below for the main presentation. It will be opened in a separate window. Complete the presentation’s activities and requirements. Completion status is collected, which will be submitted to your organization if requested. After completing the presentation, click the Mark Complete button, above, which will then be active.

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DISCUSSION

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