What is the cardinal rule of the double entry system?

FINANCIAL

JAMB 1994

A. Debit the increasing account and credit the decreasing account
B. Debit the receiving account and credit the giving account
C. Debit the asset account and credit the liability account
D. Debit the revenue account and credit the expenditure account

Correct Answer: B. Debit the receiving account and credit the giving account

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