1. TRUE ✅

2. TRUE (mybe) nakalimutan ko kasi number 2

answer

1. TRUE

2. FALSE

EXPLANATION:

1. The totals of the debits and credits for any transaction must always equal to each other, so that an accounting transaction is always said to be "in balance." If a transaction were not in balance, then it would not be possible to create financial statements.

2.

The term debit means “left” and credit means “right”. The left will always equal to the right.

VALUE RECEIVED = VALUE PARTED WITH DEBIT (DR.) = CREDIT (CR.)

The amount of value received will always equal with that of the amount of the value parted with.