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#cfa-level-1 #reading-23-financial-reporting-mechanics
Liabilities and owners’ equity are referred to as the right side of the balance sheet (and accounting equation)
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APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM
he T-account. Assets are, therefore, recorded with a debit balance. In other words, 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. <span>Liabilities and owners’ equity are referred to as the right side of the balance sheet (and accounting equation). Increases to liabilities and owners’ equity are recorded on the right side of a T-account; decreases to liabilities and owners’ equity are recorded on the left side. At an


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