A debit means increased under limited conditions. If the account is an asset or expense account then the statement is always true. But if the account is a liability or equity account then the statement is always false. When it comes to credit, it means the decreases under limited conditions.
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Answer:
A debit means increased under limited conditions. If the account is an asset or expense account then the statement is always true. But if the account is a liability or equity account then the statement is always false. When it comes to credit, it means the decreases under limited conditions.