What are the differences between debit and credit?
- 3 Answers
- 6690 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / mari muthu
Debit is receiving aspect. Credit is giving aspect.
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / ganesh chary
What are the differences between debit and credit?
ans Debit is receiving aspect. Credit is giving aspect.
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / abdulla koya
To debit means entering a transaction on the debit side of
an account and to credit means entering a transaction on
the credit side of an account.It may sound a vague
explanation of the terms, but it is confusing to assign any
other meaning to the terms.A simple rule for debiting and
crediting is:
Dedbit when there is an increase in assets or decease in
liability and
credit when there is an decease in asset or increase in
liability
Plese remember that any business transaction would result
in in any one the following situations:
1.Increase in an asset and decrease in another asset
2.Increase in a liability and decrease in another liability.
3.Increase in an asset and increase in a liability.
4.Decrease in an asset and decrease in a liability.
| Is This Answer Correct ? | 1 Yes | 1 No |
What is the main difference between Net Worth and Net Asset Value ?
what is the minimum & maximum amount paid by company per day
What is Normal Loss? and What is the reason for Debiting such Loss in P&L account and also Crediting in Trading Account? and how the Loss should be accounted?
Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why?
Discount on issue of debentures is a __________ (a) Revenue loss to be charged in the year of issue (b) Capital loss to be written off from capital reserve (c) Capital loss to be written off over the tenure of the debentures (d) Capital loss to be shown as goodwill
how to calculate the deferred tax liability & what will be the entry for the same
Define public accounting?
What will be JV of if gets discount received from my vendors and as well as I allowed discount to my customer? What will be the journal entry in these both cases. Pls. give the answer, it's urgent.
What is the diffrent job&project accounting?
Given the following entries from a TRIAL balance, what entries would fall where in a Balance Sheet & an Income Statement? Accounts receivables Merchandized inventory stores supplies office supplies prepaid insurance accumulated Dep accounts payable sales salaries advertising expense Miscellaneous expense Office salaries expense rent expense Depreciation expense Insurance expense Bad debts expense Allowance for doubtful debts Supplies expense
Define and distinguish between flexible and floating exchange rate system. What kind of exchange rate system does china have?
As per accounting standards, what is the meaning of "Short Term Liabilities and Long Term Liabilities:? As the Company can change the classification based on their business? Or these meanings are fixed?
Audit 
