keAssignmenttakeoOIECengage CengageNOWv hats Ho e WildTangen

keAssignment/take,o-OIE,Cengage CengageNOWv hat\'s Ho e) WildTangent Games t. Calculator Which statement concerning cash is true? Oa. Cash is increased by debiting b. Cash will always have more debits than credits. Oc. Cash vwill never have a credit balance. Od. All of these choices are correct. EE

Solution

Answer: Option d. All of these choices are correct.

Explanation: Cash which is an asset is debited when increased and credited when decreases. Since one cannot spend cash which is not there, cash will never have a credit balance and it will always have more debits (amount-wise) than credits. Hence all the three statements concerning cash are true.