Which of the Following Statements Is Incorrect

question 32

Multiple Choice

Which of the following statements is incorrect?

• A) A debit entry is used to increase expenses.
• B) A credit entry is used to increase equity.
• C) A credit entry is used to increase assets.
• D) A debit entry is used to increase assets.

Grasp the concept and implications of unearned revenue in business transactions.

Realize the importance of double-entry accounting for maintaining the balance in financial records.

Identify the role of source documents in the accounting process.

Understand how transactions impact business equity and financial positioning.

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