What is the cardinal rule of the double entry system?

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Accounts - Principles of Accounts JAMB 1994

What is the cardinal rule of the double entry system?

  • Debit the increasing account and credit the decreasing account
  • Debit the receiving account and credit the giving account checkmark
  • Debit the asset account and credit the liability account
  • Debit the revenue account and credit the expenditure account

The correct answer is: B

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