The acronym dealor can be used to remember how debits and credits affect different accounts. the three types of accounts that are increased with credits (represented by the lor in the acronym) are liabilities; owners equity, revenues.
What is an acronym?
This is the term that is used to refer to the groups of alphabets that may be used to represent a sentence or other words. The acronym is usually gotten by taking the first letters found in each words
The acronym here has the last part of it as LOR. These are the words that stand for liabilities; owners equity, revenues.
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