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Which of the following is correct?I. Decrease in asset is creditedII. Increase in liabilities is credited

5209Medium DSSSB TGT Computer Science 0 replies 0 views
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Which of the following is correct?
I. Decrease in asset is credited
II. Increase in liabilities is credited
  • ANeither I nor II
  • BOnly I
  • COnly II
  • DBoth I and II
Correct answer: D

Explanation

In double-entry accounting, a decrease in assets is credited and an increase in liabilities is credited, so both are correct.
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