Which of the following is not a correct rule of debits and credits?
A) assets, expenses and withdrawals are increased by debits
B) assets are decreased by credits and have a normal debit balance
C) liabilities, revenues and owner's equity 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 and for expenses it is a debit. Therefore, the statement in option D is incorrect.

Which of the Following Is Not a Correct Rule of Debits