1) What is mean by debit, credit
2) what is mean by purchase, sales
- 11 Answers
- 14752 Views
- I also Faced
- E-Mail Answers
Answer Posted / swarnlata
1)Debit and Credit are two basic terms of business
dictionary used in business.
Debit is what comes in business,Expenses of the business
and losses of the business while Credit is what goes from
business, Incomes of business and Profit of business.
Debit and Credit terms help the business organisation to
know exactly what is the financial position of the business.
2)Purchase states for what is bought for business whether
it's machinery, furniture, building or any other assets.
While sales shows what is sold to the prospective customers
and consumers.
Purchase activity takes place when the ownership of the
prospective thing is received while the sales activity
takes place when the ownership is transfered to the buyer.
| Is This Answer Correct ? | 1 Yes | 2 No |
Post New Answer View All Answers
How can Banks reduce multi banking with the ultimate aim of increasing profitability?
First indian company issued ADR,GDR,IDR
What do you know about FII, FDI and FII?
What is fixed assets/ capital employed ratio? What does it indicate?
What is a listing in BSE?
What are RTGS and NEFT?
Explain the types of accounts in banks?
What is 'equity capital'?
common questions asked at the time of interviews in industry n banks
What is alm in banking sector?
What is RBI's role in economy?
What are your views on Kashmir issue?
What Is Cp?
What is meant by bossism?
What types of shares can a company issue to raise long term funds?
