Category: Other general terms

In normal Language the meaning of credit, we have learned as the amount payable to someone. In Accounting credit means subtracting some amount form the account. Meaning of Credit: – It is adding an amount of cash or fund into Read More …

Meaning of Debit is adding an amount of cash or fund into the expenses or assets accounts and subtracting from the owner’s equity, liabilities or income accounts. ‘Debit’ word comes from the Latin word debate which means to owe. The Read More …