Which of the following statements is not true for T accounts?

1 answer:

5 0

Answer: The statement "d. The excess of the credits of an asset account over the debits is the balance of the account.". is NOT TRUE.

Explanation: The statement "d." is not true because according to the basic equity equation (ASSETS = LIABILITIES + EQUITY).

The excess of the debits of an asset account over the credits is the balance of the account and the excess of the credits of an owner's equity account or a liability account over the debits is the balance of the account.

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