Which of the following is not a correct rule of debits and credits?
A) assets, expenses, and dividends are increased by debits
B) assets are decreased by credits and have a normal debit balance
C) liabilities, revenues, and retained earnings are increased by credits
D) the normal balance for revenues and expenses is a credit

Question

Quizplus · Accepted Answer

The normal balance for revenues is a credit, but the normal balance for expenses is a debit. Therefore, the statement that "the normal balance for revenues and expenses is a credit" is not correct.

Which of the Following Is Not a Correct Rule of Debits