Question

Which one of the following statements is incorrect? (1) Assets increase on the debit side and decrease on the credit side. (2) Liabilities increase on the credit side and decrease on the debit side. (3) The equity amount is a computation involving of capital, drawings, income and expenses. (4) Income accounts increase on the credit side and decrease on the debit side. (5) Expenditure accounts increase on the credit side and decrease on the debit side

Answer 1

Answer:

liabilities increase in on the credit side and decrease in the debit side