What are the differences between debit and credit?

Answers were Sorted based on User's Feedback



What are the differences between debit and credit?..

Answer / mari muthu

Debit is receiving aspect. Credit is giving aspect.

Is This Answer Correct ?    13 Yes 2 No

What are the differences between debit and credit?..

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

What are the differences between debit and credit?..

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

Post New Answer

More Accounting General Interview Questions

What is a Hold and Release

0 Answers   Accenture,


Three goals you wish to achieve in the next 5 years

1 Answers   Ambuja,


Dividends are usually paid as a percentage of ______ (a) Authorized share capital (b) Net profit (c) Paid-up capital (d) Called-up capital

3 Answers   Firm, Wipro,


What is the Difference Between P & L A/C and Income and Expenditure A/C ?

3 Answers  


what is differnce between balance sheet of a bank & a company

0 Answers   Banking, Standard Chartered,






a cheque is received from a debtor and is deposited in the bank on the same day. what will be the journal entry?

0 Answers  


is WCT aplicable on educational institutions also??????

0 Answers  


If we give a discount to any customer on our invoice & issue a credit note of discount than what will be the group of discount in tally. please suggest me.

2 Answers  


VAT PER SURCHARG KAB SE KIS DATE SE LAG RAHA HAI

0 Answers  


Whether Depreciation to be posted in debit side or credit side?

3 Answers  


Explain me your current/former role, your responsibilities, and how success is/was measured?

0 Answers  


as we are working in erp jd edwards in this the company gives advances to their employee for expenses n receives the amount either by cash or receives the same by deducting the salaries wt type of accounting entry will be passed

3 Answers   ATS, L&T,


Categories