Asked by Michelle Martin on Jul 12, 2024
Verified
A credit to the cash account will increase the account.
Cash Account
An account recording all transactions involving cash, including receipts and payments.
Credit
A bookkeeping entry that represents a decrease in assets or an increase in liabilities, or it can refer to the provision of goods or services in exchange for future payment.
- Familiarize oneself with the concept of debits and credits and their role in affecting account balances.
Verified Answer
ZK
Zybrea KnightJul 15, 2024
Final Answer :
False
Explanation :
A credit to the cash account actually decreases the account balance, as cash is an asset account and follows the rule where debits increase asset accounts and credits decrease them.
Learning Objectives
- Familiarize oneself with the concept of debits and credits and their role in affecting account balances.