Multiple choice general knowledge

Which of these is not one of the basic rules of journal entries in accountancy?

  1. Debit the Receiver

  2. Credit the Giver

  3. Debit what comes in

  4. Debit all incomes
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In accountancy, incomes are CREDITED when earned, not debited. The three golden rules are: debit the receiver, credit the giver; debit what comes in, credit what goes out; and debit all expenses and losses, credit all incomes and gains.

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