Question

Which of the following statements regarding accounts is​ incorrect? A. Revenue is increased by a debit...

Which of the following statements regarding accounts is​ incorrect?

A.

Revenue is increased by a debit and an expense is increased by a credit.

B.

An asset is increased by a debit and decreased by a credit.

C.

Revenue is increased by a credit and an expense is increased by a debit.

D.

A liability is decreased by a debit and increased by a credit.

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Answer #1

Answer

OPTION A i.e. Revenue is increased by debit and an expense is increased by a credit.

Explanation:

The concept of debit and credit is:

Rules of Debit and Credit
Increase Decrease
Asset Debit Credit
Expense Debit Credit
Liabilities Credit Debit
Revenue Credit Debit
Capital Credit Debit

So, Revenue is increased by credit and an expense is increased by a debit.

Clearly, option A is correct and other options are incorrect.

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