Which of the following statements regarding accounts is incorrect?
A) An asset is increased by a debit and decreased by a credit.
B) Revenue is increased by a debit and an expense is increased by a credit.
C) A liability is decreased by a debit and increased by a credit.
D) Revenue is increased by a credit and an expense is increased by a debit.
Correct Answer:
Verified
Q69: Which of the following accounts normally has
Q71: When a business sells inventory in exchange
Q72: The payment of expenses should be recorded
Q76: A debit increases the balance of which
Q79: The account credited when cash is received
Q84: The right side of a T-account is
Q110: A credit always decreases an asset account.
Q120: The left side of a T-account is
Q123: Expenses increase shareholders' equity. That is why
Q129: A dividend account is known as a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents