debits and credits - wikipedia, the free encyclopedia

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Debits and creditsFrom Wikipedia, the free encyclopedia

Accountancy

Key concepts

AccountantAccounting periodBookkeepingCash and accrual basisCash flow forecastingChart o

accountsJournalSpecial journalsConstant item purchasing power accountingCost of goods sold

Credit termsDebits and creditsDouble-entry systemMark-to-market accountingFIFO and LIFO

GAAP /IFRSGeneral ledgerGoodwillHistorical costMatching principleRevenue recognitionTria

balance

Fields of accounting

CostFinancialForensicFundManagementTax (U.S.)

Financial statements

Balance sheetCash flow statementStatement of retained earningsIncome statementNotes

Management discussion and analysisXBRL

Auditing

Auditor's reportFinancial auditGAAS /ISAInternal auditSarbanesOxley Act

Accounting qualifications

CACPACCACGACMACATCFACIIAIIACTP

Debit and credit are the two aspects of every financial transaction. Their use and implication i

the fundamental concept in the double-entry bookkeeping system, in which every debit

transaction must have a corresponding credit transaction(s) and vice versa.

Debits and credits are a system of notation used in bookkeeping to determine how to record an

financial transaction. In financial accounting or bookkeeping, "Dr" (Debit) means left side of a

Debits and credits - Wikipedia, the free encyclopedia

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ledger account and "Cr" (Credit) is the right side of a ledger account.[1]

.

To determine whether one must debit or credit a specific account we use the modern accountin

equation approach which consists of five accounting elements or rules.[2]

An alternative to this

approach is to make use of the traditional three rules of accounting for: Real accounts, Person

accounts, and Nominal accounts to determine whether to debit or credit an account.[3]

Contents

q 1 Aspects of transactions

q 2 Etymology

q 3 Understanding

q 4 Terminology

r 4.1 Debit cards and Credit cards

r 4.2 General ledgers

q 5 The Five Accounting Elements

q 6 Principle

r 6.1 Accounts pertaining to the five accounting elements

s 6.1.1 Asset accounts

s 6.1.2 Liability accounts

s 6.1.3 Equity accounts

s 6.1.4 Income accounts

s 6.1.5 Expense accounts

r 6.2 Example

r 6.3 Further Examples

q 7 "T" Accounts

q 8 Contra account

q 9 Real, personal, and nominal accounts

q 10 See also

q 11 References

q 12 External links

Aspects of transactions

Debits and credits form two opposite aspects of every financial transaction. For example, when

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Increase Decreas

Asset Debit Cred

Liability Credit Deb

Income Credit Deb

Expense Debit Cred

Equity/Capital Credit Deb

a person deposits cash into his bank checking

account, this financial transaction has two aspects:

the customer's cash-in-hand (the customer's asset)

decreases and the customer's checking account

balance (the customer's asset) with the bank

increases. The decrease in the cash-in-hand asset is

the customer's credit while the increase in the asset

balance in the bank checking account is the

customer's debit.

The bank views it differently. In this example, the

bank's vault cash (asset) increases which is a debit,

and the corresponding increase in the customer's checking account balance (bank's liability) is

credit.

In summary: In the American system of financial accounting or bookkeeping, an increase (+) to

an asset account is a debit. An increase (+) to a liability account is a credit. In the English

system, the entries are reversed.

Conversely, in the American system of financial accounting or bookkeeping, a decrease (-) to

asset account is a credit. A decrease (-) to a liability account is a debit. In the English system,

the entries are reversed.

Etymology

While the actual origin of the terms debit and credit is unknown, the first known recorded use o

the terms is Venetian Luca Pacioli's 1494 work, Summa de Arithmetica, Geometria, Proportion

et Proportionalita(translated: Everything About Arithmetic, Geometry and Proportion). Pacioli

devoted one section of his book to documenting and describing the double-entry bookkeeping

system in use during the Renaissance by Venetian merchants, traders and bankers. This

system is still the fundamental system in use by modern bookkeepers.[4]

In its original Latin, Pacioli's Summaused the Latin words debere(to owe) and credere(to

entrust) to describe the two sides of a closed accounting transaction. When his work was

translated, the Latin words debereand crederebecame the English debitand credit. The

abbreviations Dr (for debit) and Cr (for credit) likely derive from the original Latin.[5]

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Understanding

When dealing with one's own business, one must set up various accounts to record all

transactions that may take place. When the owner of a business refers to their bank account,

they are referring to the business account, not to their personal account. In addition, all accoun

referred to in bookkeeping belong to the business, notto other businesses, regardless of their

title. For instance, if my business expects to receive money from another person or company

and the account is labeled "Receivable A", this does not imply that the account in question

belongs to Receivable A. It is merely a recording of a current asset (a receivable) of one's ow

business. Therefore, when assessing any transaction, the transaction is from the point of view

one's own business.

All accounts must first be classified as one of the five types of accounts (accounting elements)

To determine how to classify an account into one of the five elements, the definitions of the five

account types must be fully understood i.e. the definition of an asset according to IFRS is as

follows: An asset is a resource controlled by the entity as a result of past events from which

future economic benefits are expected to flow to the entity.[6]

To understand this definition we

can break it down into its constituent parts with an example:

Example: Classify what type of account the business "Bank account" is.

The bank account of a business is "a resource controlled by the entity" as it belongs to the

business. "As a result of past events" such as the opening of the business. "From which

future economic benefits are expected to flow to the entity" - a business such as a grocery

store can expect to make money due to the sale of their goods. This basic analogy can be

applied to any asset account.

All of the five accounting elements have their own definitions (discussed in other articles

see: asset, liability, equity, income and expense) that must be fully understood in order to

classify an account correctly.

A business will most often have more than one asset account. An essential asset account in an

business is the businesses bank account(see: "Accounts pertaining to the five accounting

elements" below for more examples) The same applies to liability accounts i.e. if I have

borrowed money from two sources (called creditors or payables), then I must open two accoun

to represent this present liability, called 'Creditor/Payable A' and 'Creditor/Payable B'. In this

manner I may have multiple, different accounts. However all these accounts are all classified a

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one of the five types of accounts, therefore my entire business can be described in terms of its

assets, expenses, liabilities, income and equity/capital (see extended accounting equation). Th

is the extent of "my" business in relation to accounts, regardless of the business' practices (the

business may be a retail franchise, furniture shop, restaurant etc...). With respect to my

business, each of the five accounting elements will have a monetary value, and this can be use

to assess the financial position of my business at any time (my success, failure, or any other

attributes that I might need to know).

Traditionally, transactions are recorded in two separate columns of numbers (known as a ledg

or "T-account"): debit transactions in the left hand column and credit transactions in the right

hand column. Keeping the debits and credits in separate columns allows each column to be

recorded and totalled independently. Accounts within the general ledgerare known colloquially

as "T-accounts" due to the "T" shape that the table resembles. Each column of a ledger accou

lists transactions affecting that account.

Terminology

This section may require copy-editing.

The words debit and credit are both used differently depending on whether they are used in a

accounting sense, or non-accounting sense.

In a non-accounting sense, according to knol,[5]

a "debit" is:

q a written note on bank account or another financial record of a sum of money owed or

spent, or

q a sum of money taken from a bank account.

In a non-accounting sense, according to wordnet,[7]

"credit" is

q money available for a client to borrow.

Thus, in a non-accounting sense, "credit" is money that a creditor makes available to a client to

borrow. However, "credit" in this sense is not an accounting term, although this word comes up

regularly in business and therefore accounting. In the academic field of accounting

(bookkeeping), such dictionary definitions are misleading and the words "debit" and "credit" as

used in accounting have little connection with the layman's understanding of "debit" and "credit

This may seem confusing at first, but one will find when studying accounting that "debit" and

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"credit" are essential for the double-entry system of bookkeeping.

When recording numbers in accounting, a debit value is placed on the left side of a ledger for a

debited account and a credit value is placed on the right side of a ledger for a credited account

A debit or a credit either increases or decreases the total balance in each account, depending

on what kind of accounts they are.

Each transaction (say, of value 100) is recorded by a debit entry of 100 in one account and a

credit entry of 100 in another account. When people say "debits must equal credits" they do n

mean that the two columns of any ledger account must be equal. If that were the case, every

account would have a zero balance (no difference between the columns) which is often not the

case. The rule that total debits equal the total creditsapplies when all accounts are totalled.

More than two accounts may be affected by the same transaction. A transaction for 100 can b

recorded as a 100 debit in one account and as multiple credits that total 100 in other accoun

Example:

I owe creditors A and B 100 each. Thus my liability account for Creditor A has a credit balanc

of 100 and the same for Creditor B. I pay them off from my bank checking account, which from

my point of view is an asset. I withdraw 200 from my bank account and split it to pay off the tw

liabilities. In my records, "Bank" is one account, "Creditor A" is another account, and "Creditor

is a third account. The following transactions affect all three ledger accounts:

Dr: Creditor A (100)

Dr: Creditor B (100)

Cr: Bank (200)

When I write two cheques totalling 200, the balance in my bank account is reduced by 200.

my records, my "Bank" ledger account has an asset debit balance, which is reduced by the

credit for 200. Amounts in my records for the two creditors are liabilities, which are reduced by

the two debits totalling 200.

Therefore for this transaction, the total amount debited = 200 and the total amount credited =

200. When all three accounts are totalled, the total debits equal the total credits.

At the end of any financial period (say at the end of the quarter or the year), the total debits and

the total credits for each account may be different and this difference of the two sides is called

the balance. If the sum of the debit side is greater than the sum of the credit side, then the



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account has a "debit balance". If the sum of the credit side is greater, then the account has a

"credit balance". If the two sides do equal each other (this would be a coincidence, not as a

result of the laws of accounting), then we say we have a "zero balance".

Debit cards and Credit cards

Debit cards and credit cards are creative terms used by the banking industry to market and

identify each card. From the cardholder's point of view, these terms are unrelated to the terms

used in formal accounting. A debit card is used to make a purchase with one's own money. A

credit card is used to make a purchase by borrowing money.[8]

However, from the bank's point of view, when a debit card is used to withdraw cash from a

checking account, the withdrawal causes a decrease in the amount of money the bank owes to

the cardholder. A decrease to the bank's liability account is a debit. Hence using a debit card

causes a debit to a checking (liability) account in the bank. Likewise when a credit card is used

by a cardholder to pay a merchant for something, that increases the amount the bank must

credit to the merchant's checking account when the check clears. This obligation is the bank's

liability and an increase to a liability account is a credit. Hence using a credit card causes a

credit to a liability account in the bank.

General ledgers

Definition: The general ledger is the term for the comprehensive collection of T-accounts (so

called because there was a preprinted vertical line in the middle of each ledger page and a

horizontal line at the top of each ledger page, like a large letter T). Before the advent of

computerised accounting, manual accounting procedure used a book (known as a ledger) for

each T-account. The collection of all these books was called the general ledger. Nowadays a

'ledger' can refer to a single spread sheet on an accounting software system. The different

ledgers can be saved under the same file (which will be called the 'general ledger'). [

citation need

"Day Books" or journals were used to list every single transaction that took place during the da

and the list was totalled at the end of the day. These daybooks did not use the double entry

system because each book was for either debits or credits. Negative amounts were recorded in

red ink. This was simply a way of recording the transactions immediately, without taking time

during the day to record transactions in their respective ledger accounts. Nowadays this is don

with computer software that instantly updates each ledger account - for example, recording a

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cash receipt in a cash receipts journal and as a debit in a cash ledger account with a

corresponding credit in the ledger account for which the cash was received. Not every single

transaction need be entered into a T-account. Usually only the sum of transactions for the day

entered, so that each entry in the account has a different date.[citation needed

]

The Five Accounting Elements

There are five fundamental elements[2]

within accounting. These elements are as follows:

Assets, Liabilities, Equity, Income and Expenses. The five accounting elements are all affected

in either a positive or negative way. It is important to note that a credit transaction does not

always dictate a positive value or increase in a transaction and similarly, a debit does not alwa

indicate a negative value or decrease in a transaction. An asset account is often referred to as

"debit account" due to the account's standard increasingattribute on the debit side. When an

asset has been acquired in a business such as a delivery vehicle, the transaction will affect the

debit side of that asset account illustrated below:

Asset

Debits (dr) Credits (cr)

X

Where "X" in the debit column denotes the increasing effect of a transaction on the asset

account balance(total debits less total credits), because a debit to an asset account is an

increase. The asset account above has been added toby a debit value X, i.e. the balance has

increased by X. Likewise, in the liability account below, the X in the credit column denotes the

increasing effect on the liability account balance (total credits less total debits), because a cred

to a liability account is an increase.

All "mini-ledgers" in this section show standardincreasingattributes for the five elements of

accounting.

Liability


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X

Income


X

Expenses


X

Equity


X

Summary table of standard increasing and decreasing attributes for the five accounting

elements:

ACCOUNT TYPE DEBIT CREDIT

Asset +

Liability +

Income +

Expense +

Equity +

Principle



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Each transaction that the business makes consists of at least one debit to one account and at

least one credit to another account. A debit to one account can be balanced by more than one

credit to other accounts, and vice versa. For all transactions, the total debits must be equal to

the total credits and therefore balance.

For Every Transaction:The Value of Debits = The Value of Credits

The basicaccounting equation is as follows:

Assets = Equity + Liabilities

(A = E + L)

The extendedaccounting equation is as follows:

Assets + Expenses = Equity/Capital + Liabilities + Income

(A + Ex = E + L + I)

Both sides of these equations must be equal (balance).

When a transaction takes place, traditionally the transaction would be recorded in a ledger or "

account. A "T" account represents any account that is opened e.g. "Bank" that can be effected

with either a debit or credit transaction.

In accounting it is acceptable to draw-up a ledger account in the following manner for

representation purposes:

Bank


Accounts pertaining to the five accounting elements

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Accounts are created/opened when the need arises for whatever purpose or situation the entit

may have. For example if your business is an airline company they will have to purchase

airplanes, therefore even if an account is not listed below, a bookkeeper or accountant can

create an account for a specific item, such as an asset account for airplanes. In order to

understand how to classify an account into one of the five elements, a good understanding of

the definitionsof these accounts is required. Below are examples of some of the more commo

accounts that pertain to the five accounting elements:

Asset accounts

q Cash, Bank, Receivables, Inventory, Land, Buildings, Furniture, Equipment, Vehicles,

Trademarks and patents, Goodwill,plants,Prepaid Expenses,Debtors etc.,

Liability accounts

q accounts payable, salaries and wages payable,income taxes payable ,bank overdrafts,

deposits owed to depositors, trust accounts, accrued expenses etc...

Equity accounts

q Capital, Drawings, Common Stock, Accumulated funds etc...

Income accounts

q Services rendered, Sales, Interest income, Membership fees, Rent income etc...

Expense accounts

q Telephone, Water, Electricity, Repairs, Salaries, Wages, Depreciation, Bad debts,

Stationery, Entertainment, Honorarium, Rent, Fuel etc...

Example

Quick Services business purchases a computer for 500 for the receptionist, on credit, from AB

Computers. Recognize the following transaction for Quick Services in a ledger account (T-

account):

Quick Services has acquired a new computer which is classified as an asset within the

business. According to the accrual basis of accounting, even though the computer has been

purchased on credit, the computer is already the property of Quick Services and must be

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recognised as such. Therefore, the equipment account of Quick Services increases and is

debited:

Equipment (Asset)

(dr) (cr)

500

As the transaction for the new computer is made on credit, the payable "ABC Computers" has

not yet been paid. As a result, a liability is created within the entitys records. Therefore, to

balance the accounting equation the corresponding liability account is credited:

Payable ABC Computers (Liability)

(dr) (cr)

500

The above example can be written injournal form:

dr cr

Equipment 500

ABC Computers (Payable) 500

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The journal entry "ABC Computers" must be indented to indicate that this is the credit

transaction (not accurately shown here due to restrictions). It is accepted accounting practice t

indentcredit transactions recorded within a journal.

In the accounting equation form:

A = E + L

500 = 0 + 500 (The accounting equation is therefore balanced)

Further Examples

1. A business pays rent with cash: you increase rent (expense) by recording a debit

transaction, and decrease cash (asset) by recording a credit transaction.

2. A business receives cash for a sale: you increase cash (asset) by recording a debit

transaction, and increase sales (revenue) by recording a credit transaction.

3. A business buys equipment with cash: You increase equipment (asset) by recording

debit transaction, and decrease cash (asset) by recording a credit transaction.

4. A business borrows with a cash loan: You increase cash (asset) by recording a debit

transaction, and increase loan (liability) by recording a credit transaction.

5. A business pays salaries with cash: you increase salary (expenses) by recording a

debit transaction, and decrease cash (asset) by recording a credit transaction.

6. The totals show the net effect on the accounting equation and the double-entry

principle where, the transactions are balanced.

Account Debit (dr) Credit (cr)

1. Rent 100

Bank 100

2. Bank 50

Sales 50

3. Equipment 5200

Bank 5200

http://en.wikipedia.org/wiki/Indenthttp://en.wikipedia.org/wiki/Rentinghttp://en.wikipedia.org/wiki/Loanhttp://en.wikipedia.org/wiki/Salaryhttp://en.wikipedia.org/wiki/Salaryhttp://en.wikipedia.org/wiki/Loanhttp://en.wikipedia.org/wiki/Rentinghttp://en.wikipedia.org/wiki/Indent


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4. Bank 11000

Loan 11000

5. Salary 5000

Bank 5000

6. Total (dr) 21350

Total (cr) 21350

"T" Accounts

The process of using debits and credits creates a ledger format that resembles the letter "T".[9

The term "T-account" is accounting jargon for a "ledger account" and is often used when

discussing bookkeeping.[10]

The reason that a ledger account is often referred to as a "T"

account is due to the way the account is physically drawn on paper (representing a "T"). The le

side (column) of the "T" for Debit (dr) transactions and the right side (column) of the "T" for

Credit (cr) transactions.


Contra account



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This section may not be warranted as a stand-alone section. Please attempt to diffuse

its content into appropriate sections of the article. (November 2011)

All accounts have corresponding contra accounts depending on what transaction has taken

place i.e. when a vehicle is purchased using cash, the asset account "Vehicles" is debitedas t

vehicle account increases, and simultaneously the asset account "Bank" is crediteddue to the

payment of the vehicle using cash. Some balance sheet items have corresponding contra

accounts, with negative balances, that offset them. Examples are accumulated depreciation

against equipment, and allowance for bad debts against long-term notes receivable.

Real, personal, and nominal accounts

This section requires expansion with:

more detail needed.

Real accounts are assets. Personal accounts are liabilities and owners' equity and represent

people and entities that have invested in the business. Nominal accounts are revenue,

expenses, gains, and losses. Accountants close nominal accounts at the end of each

accounting period.[11]

This method is used in the United Kingdom, where it is simply known as

the Traditional approach.[3]

Transactions are recorded by a debit to one account and a credit to another account using thes

three "golden rules of accounting":

1. Real account: Debit what comes in and credit what goes out

2. Personal account: Debit who receives and Credit who gives.

3. Nominal account: Debit all expenses & losses and Credit all incomes & gains

Debit Credit

Real (assets) Increase Decrease

Personal (liability) Decrease Increase

Personal (owner's equity) Decrease Increase

Nominal (revenue) Decrease Increase

http://en.wikipedia.org/wiki/Accumulated_depreciationhttp://en.wikipedia.org/wiki/Allowance_for_bad_debtshttp://en.wikipedia.org/w/index.php?title=Debits_and_credits&action=edithttp://en.wikipedia.org/wiki/Double-entry_bookkeeping_system#Traditional_approachhttp://en.wikipedia.org/wiki/Double-entry_bookkeeping_system#Traditional_approachhttp://en.wikipedia.org/w/index.php?title=Debits_and_credits&action=edithttp://en.wikipedia.org/wiki/Allowance_for_bad_debtshttp://en.wikipedia.org/wiki/Accumulated_depreciation


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Nominal (expenses) Increase Decrease

Nominal (gain) Decrease Increase

Nominal (loss) Increase Decrease

See also

Business and economics portal

References

1. ^"Debit Credit Rules". Accounting Explained. AccountingExplained.com. http://

accountingexplained.com/financial/introduction/debit-credit-rules. Retrieved 4 August 2011.

2. ^ abPieters, A. Dempsey, H. N. (2009). Introduction to financial accounting(7th ed. ed.). Durba

Lexisnexis. ISBN9780409105803.

3. ^abAccountancy: Higher Secondary First Year(First ed.). Tamil Nadu Textbooks Corporation.

2004. pp. 2834. http://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdf. Retrieved 1

July 2011.

4. ^"Peachtree For Dummies, 2nd Ed.". http://media.wiley.com/assets/267/34/559672_BC05.pdf.

Retrieved 6 Feb 2011.

5. ^

a

b

"Basic Accounting Concepts 2 - Debits and Credits". http://knol.google.com/k/basic-

accounting-concepts-2-debits-and-credits#. Retrieved 6 Feb 2011.

6. ^IFRS for SMEs. 1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom: IASB

(International Accounting Standards Board). 2009. pp. 14. ISBN978-0-409048-13-1.

7. ^Wordnetweb.princeton.edu

8. ^"Accounting made easy 4 - Debits and Credits". http://www.youtube.com/watch?

v=gaZiAiETW_Y. Retrieved 13 March 2011..

9. ^ Weygandt, Jerry J. (2009). Financial Accounting. John Wiley and Sons. p. 53.

ISBN9780470477151.

10. ^ Cusimano, David. "Accounting Abbreviations - Helping You Understand Accounting Jargon".

Loughborough. http://www.inloughborough.com/report/000689/accounting%20abbreviations%2

%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t

account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%

20what%20is%20the%20difference%20between%20bookkeeping%20and%20acc. Retrieved 1

August 2011.

http://en.wikipedia.org/wiki/Portal:Business_and_economicshttp://accountingexplained.com/financial/introduction/debit-credit-ruleshttp://accountingexplained.com/financial/introduction/debit-credit-ruleshttp://accountingexplained.com/financial/introduction/debit-credit-ruleshttp://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/9780409105803http://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdfhttp://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdfhttp://media.wiley.com/assets/267/34/559672_BC05.pdfhttp://media.wiley.com/assets/267/34/559672_BC05.pdfhttp://knol.google.com/k/basic-accounting-concepts-2-debits-and-credits#http://knol.google.com/k/basic-accounting-concepts-2-debits-and-credits#http://knol.google.com/k/basic-accounting-concepts-2-debits-and-credits#http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/978-0-409048-13-1http://wordnetweb.princeton.edu/perl/webwn?s=credithttp://www.youtube.com/watch?v=gaZiAiETW_Yhttp://www.youtube.com/watch?v=gaZiAiETW_Yhttp://www.youtube.com/watch?v=gaZiAiETW_Yhttp://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/9780470477151http://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://www.inloughborough.com/report/000689/accounting%20abbreviations%20-%20helping%20you%20understand%20accounting%20jargon%20,%20explanation%20of%20t-account,%20debit%20and%20credit,%20and%20double-entry%20accounting%20system,%20what%20is%20the%20difference%20between%20bookkeeping%20and%20acchttp://en.wikipedia.org/wiki/Special:BookSources/9780470477151http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://www.youtube.com/watch?v=gaZiAiETW_Yhttp://www.youtube.com/watch?v=gaZiAiETW_Yhttp://www.youtube.com/watch?v=gaZiAiETW_Yhttp://wordnetweb.princeton.edu/perl/webwn?s=credithttp://en.wikipedia.org/wiki/Special:BookSources/978-0-409048-13-1http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://knol.google.com/k/basic-accounting-concepts-2-debits-and-credits#http://knol.google.com/k/basic-accounting-concepts-2-debits-and-credits#http://knol.google.com/k/basic-accounting-concepts-2-debits-and-credits#http://media.wiley.com/assets/267/34/559672_BC05.pdfhttp://media.wiley.com/assets/267/34/559672_BC05.pdfhttp://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdfhttp://www.textbooksonline.tn.nic.in/Books/11/Std11-Acct-EM.pdfhttp://en.wikipedia.org/wiki/Special:BookSources/9780409105803http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://accountingexplained.com/financial/introduction/debit-credit-ruleshttp://accountingexplained.com/financial/introduction/debit-credit-ruleshttp://accountingexplained.com/financial/introduction/debit-credit-ruleshttp://en.wikipedia.org/wiki/Portal:Business_and_economics


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11. ^"Account Types or Kinds of Accounts :: Personal, Real, Nominal". http://www.futureaccountan

com/accounting-process/study-notes/financial-accounting-account-types.php. Retrieved 2011-0

08.

External links

Look up debitor creditin Wiktionary, the free dictionary.q Debits and Credits

q YouTube Presentation - A

valuable explanation in an audio/visual format

Categories: Accounting systemsAccounting terminology

q This page was last modified on 8 February 2012 at 07:12.

q Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. S

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