General Studies · Accounting Principles
In double-entry bookkeeping, a debit balance in a ledger account indicates which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both (A) and (C)✓
- 2The firm has incurred a loss or an expense
- 3Money is owed by the firm to some person (a liability)
- 4Money is owed to the firm (an asset)
Correct answer
Both (A) and (C)
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