Answer Posted / guest
If the words "debits" and "credits" sound like a foreign
language to you, you are more perceptive than you
realize—"debits" and "credits" are words that have been
traced back five hundred years to a document describing
today's double-entry accounting system.
Under the double-entry system every business transaction is
recorded in at least two accounts. One account will receive
a "debit" entry, meaning the amount will be entered on the
left side of that account. Another account will receive a
"credit" entry, meaning the amount will be entered on the
right side of that account. The initial challenge with
double-entry is to know which account should be debited and
which account should be credited.
Before we explain and illustrate the debits and credits in
accounting and bookkeeping, we will discuss the accounts in
which the debits and credits will be entered or posted.
Is This Answer Correct ? | 2 Yes | 6 No |
Post New Answer View All Answers
vat on liquor vat on food ? vat on bevrages ? vat on tobaco? vat on gold?
how to prepare the internal audit sheet ? explain me with example. (take example of LOGISTICS& SUPPLYCHAIN MANGEMENT COMPANY)
What does an internal audit charter contain?
Explain the difference between internal audit and external audit?
Why do you want to work in audit?
How auditing is prepared?
Explain the different advantages and disadvantages of internal audit?
what are the main tools of auditing?
which type audit for your company account
Should the duty of creating a purchase order be segregated from the duty of creating a vendor?
what audit procedure i can do in the share capital account of a company and why it have been apply?
Audit strategy based
What are the different types of audits?
What is vouching?
Define vouching?