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#cfa-level-1 #reading-23-financial-reporting-mechanics
to record an increase in an asset, an entry is made to the left-hand side of a T-account.
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APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM
lities Owners’ Equity Assets are referred to as the left side of the balance sheet (and accounting equation) and hence are on the left side of the T-account. Assets are, therefore, recorded with a debit balance. In other words, <span>to record an increase in an asset, an entry is made to the left-hand side of a T-account. A decrease to an asset is recorded on the right side of a T-account. Liabilities and owners’ equity are referred to as the right side of the balance sheet (and accounting equation). Inc


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