what is debit and credit?

Q: Is Accounts Payable a credit, a debit, or both?

A: Current liability: It implies to the debt obligation that is to be repaid within a span of one year.…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit

A: While preparing general ledger accounts in books, there are two sides of account. One is left side…

Q: What exactly is a real account?

A: There are basically three account types in accounting, that are real account, nominal account and…

Q: What do accounts do?

A: Accounts of a business are used to record for all the transactions of the business. All relevant…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: what is accounting?explain it.

A: A business needs quantitative record of its over financial performance and financial position in…

Q: What is the difference between a nominal account and a real account?

A: A nominal account records accounting transactions for a single fiscal year. Accounting transaction…

Q: Using the following transactions what is the total debits and credits?

A: Journal entries refer to recording and classyfing business transactions into books of accounts…

Q: what is credit management

A: Credit Management is a process wherein terms and condition for providing loan is decided, what is…

Q: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: Is Accounts Payable a debit, a credit, or a combination of the two?

A: Account payable has always a credit balance. It is liability for a person who have acquired some…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: How does the rule of debit and credit relative to accounting equation?

A: Accounting equation:   It is a mathematical expression that presented all assets of the firm are…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What is financial accounting?

A: Meaning of financial accounting:Financial accounting is one of the branches of accounting that…

Q: What is Receipt and Payment Account? How is it different from Income and Expenditure Account?

A: Receipts and payment account is a real account. This account is a summarised cash book which…

Q: Which term is associated with “right” or “right-side”? Debit. Credit.

A: In the T accout format The right side in accounting always represents the credit side of the…

Q: Is Capital debit or credit?

A: As per Business Entity concept Business is treated as an entity which is different from Proprietor.…

Q: the rules of debit and credit

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Difference between a debit and a credit.

A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

Q: Define accounting? Also elaborate the rules for debit and credit in detail.

A: Accounting - It is the recording of financial events along with other functions of storing, sorting,…

Q: What is the extent of the assignment of credit? Explain

A: Assignment of credit is explained as under:

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: what is accounting?

A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions.…

Q: Why aren’t transactions involving accounts payable considered to be financing activities?

A: Answer: Accounts payable is current liability which is used in computing working capital, excess of…

Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

Q: Which accounts commonly requires both debit and credit entries?

A: Debit and credit sides are two sides of a general ledger account. Normally all assets and expenses…

Q: What is debit and credit account

A: Introduction: An account is a summary of the record of all business transactions. Account has two…

Q: What is line of credit?

A: Introduction: Usually, the word loan refers to a form of credit facility where a certain amount of…

Q: What is the present account balance?

A: An annuity is the deposit of a fixed amount regularly at a fixed interval of time over a specified…

Q: What is receipt and payment account

A: The answer is provided as follows:

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: how do debits and credits work?

A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…