Debit vs Credit in Accounting | Find out the Best Differences!
Автор: WallStreetMojo
Загружено: 2019-01-27
Просмотров: 8048
Описание:
In this video we are going to find the differences between Debit and credit in accounting.
𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐃𝐞𝐛𝐢𝐭 𝐚𝐧𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐢𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠
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Debit is used to precise the increase/decrease of assets & expenses or liabilities & incomes. Whereas, Credit is used to precise the increase/decrease of liabilities & incomes or assets & expenses.
𝐊𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐃𝐞𝐛𝐢𝐭 𝐚𝐧𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐢𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠
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1. Debit denotes usage of one account. Whereas, credit denotes the source of other account.
2. Debit is the use of value for a transaction. Whereas, Credit is the source of value.
3. Debit is recorded first. Whereas, Credit is recorded after debit account followed by the word “To”.
Debit and credit both are the cornerstones of accounting. If you want to learn accounting, debit and credit would be the first concepts you would learn.
To know more about 𝐃𝐞𝐛𝐢𝐭 𝐯𝐬 𝐂𝐫𝐞𝐝𝐢𝐭 𝐢𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/Debit-...
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