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Adnan Mustafa , Credit Controller , National Refreshment Company LLC
Accounting include summarizing, reporting and decision making. But information is obtained through basic accounting system, which is double entry system Debit/Credit.
debit and credit is the basic of accounting.............
if you are talking about the accounting so you have to comply with the international accounting stander and international financial reporting stander as well..............
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jasny rodrigues , Accountant , Cosmos Star Consultants / Nail The Deal
As per my view debit and credit is the foundation for accounting. The whole of financial statements of any firm or company stands on this fundamentals.
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Khaja Moinuddin , Group Assistant Financial Controller , Confidential
In bookkeeping under General Accepted Accounting Principles (GAAP), debit and credit refer to type of account and entries to accounts.
Entries to the left side of the an account are debits (DR), and accounts with left sided balances (asset accounts and expense accounts) are debit accounts. Entries to the right side of the an account are credits (CR), and accounts with right sided balances (liability accounts, owners' equity accounts, and revenue and profit accounts) are credit accounts. Understanding debit and credit is essential for bookkeeping and analysis of balance sheets.
You just need to understand that debit and credit are two actions that are opposite in nature.
I think from my personal point of view that if any financial transaction analysis to both sides of the debtor and the creditor will be recorded correctly by one hundred percent
First of all, Accounting is a language of business. Accounting is not all about debit and credit, because where there is a double entry system, we use debit and credit. There have a lot of small firms still exists and there having an accounting system called single entry system. Anyway, commonly we use debit and credit, it is for a better result, if transactions are more, it is difficult to follow in the single entry system.
Thank you
I think from my personal point of view that if any financial transaction analysis to both sides of the debtor and the creditor will be recorded correctly by one hundred percent
Accounting not only debit / credit but they are the infrastructure for accounting if you do not understand What is the difference between them this mean you not understand accounting as whole.
Accounting is all about Debit and Credit journal entries that are well reconciled.One has to know the right and left of the transaction done and booked.