Interested to Buy Any Domain ? << Click Here >> for more details...
difference b/w debit and credit
- 10 Answers
- 15943 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Debit what comes in and credit what goes out
| Is This Answer Correct ? | 34 Yes | 2 No |
Answer / babu
what is come's in is debit, what is go's out is credit
| Is This Answer Correct ? | 27 Yes | 3 No |
Answer / abc.dinesh
The most fundamental concepts in accounting. We should
apply the accounting rule to define the term ie.
1.Personal a/c "Debit the Receiver Credit the Giver"
2.Real a/c " Debit what comes in Credit what goes out"
3.Nominal a/c "Debit all Expenses & Losses Credit all
incomes & gains.
| Is This Answer Correct ? | 17 Yes | 0 No |
Answer / lalitha
To know what is debit and credit , one should know the
golden rules of accounting.
PERSONAL ACCOUNT:
DEBIT:the receiver
CREDIT:the giver
REAL ACCOUNT:
DEBIT:what comes in
CREDIT:what goes out
NOMINAL ACCOUNT:
DEBIT:all expenses and losses
CREDIT:all incomes and gains
| Is This Answer Correct ? | 19 Yes | 2 No |
Answer / seenu
as for accounting principals there are three,
under that we select which one is debit and credit and also
called as the duble accounting system we must recored the
transation one is debit and credit.for ex.purchases made we
write the entry pur a/c dr
To creditor/cash
| Is This Answer Correct ? | 21 Yes | 6 No |
Answer / pradeep
increase in the assets ar debited.. while increase in
liability is credited...
| Is This Answer Correct ? | 15 Yes | 2 No |
Answer / chandran
In Simple and easy words
Debit what you receive from the company for your service
provided
Credit what you have to pay to the company for service
purchased
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / ca.mohit kumar
Debit and credit are formal bookkeeping and accounting
terms. They are the most fundamental concepts in
accounting, representing the two records that one party in
a transaction makes on its records, transferring a money
balance from one account to another, one representing a
reduction of liability or increase in asset, and the other
representing a balancing increase in liability or reduction
of asset.
| Is This Answer Correct ? | 13 Yes | 3 No |
Answer / neha
1)The debit is what you got
and
The credit is the source of the item you received.
| Is This Answer Correct ? | 20 Yes | 20 No |
Explain the basic principles of an internal audit controlsystem?
If the wording of a governing document of a non-company charity requires accounts to be audited, does this mean statutory audit?
When should a company sack its auditor?
Audit evidence obtained directly by the auditor will not be reliable if: A) the auditor lacks the qualifications to evaluate the evidence. B) it is provided by the client's attorney. C) the client denies its veracity. D) it is impossible for the auditor to obtain additional corroboratory evidence.
which of the following types of risks assumes an absence of compensating controls in the area being reviewed?
Is vendor statement recon done as two way process? Statement to Ledger Ledger to stement?
4 Answers Capital IQ, Cognizant,
Expand---------BPR
charity comes under which ledger group
what are the golden rules for accounts receivable?
Can somebody explained IAS 11 construction contract in terms of general entries. and is there any possibility when WIP classified as non current assets.
Expand---------SRPM
Do you need to be an expert at something in order to lead a team?
Audit 
