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Debits and Credits Tutorial

Debits and Credits Tutorial

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Published by Rajib Banerjee

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Published by: Rajib Banerjee on Nov 09, 2011
Copyright:Attribution Non-commercial

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05/12/2014

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AccountingCoach
®
presents:
DebitsandCredits
i
 
DebitsandCredits
1of55
Debits
and
credits
aresimilartothewordsusedinItalymorethan500yearsagowhenrecordingbusinesstransactions.Today"wecontinuetousetheseterms.Debitisusedtoindicateleft.Creditisusedtoindicateright.
Debit
meansleftorleft-side.
CV
Credit
meansrightorriqht-slde..
'0
Z
 
DebitsandCredits
2of55Bookkeepersandaccountantsstoretransactionamountsinarecordreferredtoasan
account.
Accountantswilllikelyusehundredsofaccountsforeachbusinessorotherorganization.Alistingoftheaccountsusedinabusinessisknownasa
chart
of
accounts.
Thechartofaccountscanbeexpandedastheneedarises.Accountsthatcontainamountsarecontainedinthecompany'sgeneralledger.Hence,theaccountsareoftenreferredtoasgeneralledgeraccounts.
Accounts
areusedtosortstore,andretrieveamounts.A
chartofaccountsis
alistingoftheaccountsavailableforuse.
C1J
Theaccountswithamountsarefoundinthe
generalledger.
15
Z

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