Examlex
Which statement is incorrect?
Credit Side
The right side of an accounting ledger where credits are recorded, often indicating a decrease in assets or an increase in liability or equity.
Debit Side
The Debit Side of an account records increases in assets or expenses and decreases in liabilities, equity, and income in double-entry bookkeeping.
Rules Of Debit
Rules governing the increase or decrease in account balances within the double-entry bookkeeping system, where debits typically increase assets or expenses and decrease liabilities, equity, and revenue.
Credit Side
The right side of an accounting entry, indicating increases in liabilities, revenues, and equity, and decreases in assets and expenses.
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