What is meant by the terms debit and credit?

Question:

What is meant by the terms ‘debit’ and ‘credit’?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting For Non-Accounting Students

ISBN: 9781292128979

9th Edition

Authors: John R. Dyson, Ellie Franklin

See More Books

Question Posted: Oct 10, 2022 12:44 AM

See More Questions

The Delcarmen Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto part, based on a denominator level of 3,600 output units per year,...
What is meant by the terms (a) Capital call, (b) Deal flow, and (c) Due diligence?
What is meant by the terms deferred outflows of resources and deferred inflows of r e sources ? When are these accounts used?
Which of the following is indeterminate at x = 1? x + 1 x-1' 2-1 x + 2 x - 1 x+3-2' x + 1 x+3-2
The table shows the salaries of a sample of individuals from six large metropolitan areas. At = 0.05, can you conclude that the mean salary is different in at least one of the areas? (a) Identify...
When organizations hire from within the talent can come from the pool of talent that is located within. The employees know the organization and can quickly make the adjustment to a new role armed...
Barry Hannah, CPA, plans to use attributes estimation to help assess control risk for the Oxford Company's control procedures over credit sales transactions. Hannah has begun to outline main steps in...
Presented below is the balance sheet for Tomkins plc, a British company. Instructions(a) Identify at least three differences in balance sheet reporting between British and U.S. firms, as shown in...
Evaluate the benefits and challenges of cloud-based backup solutions. How do factors like network latency and data egress costs impact the effectiveness of cloud backup ?
Name two tools (techniques) that can be used by an organization to manage its account receivable.
The following is a list of Browns transactions for February 2017: (a) Transfer of cash to a bank account. (b) Cash received from sale of goods. (c) Purchase of goods paid for by cheque. (d) Office...
Adam has just gone into business. The following is a list of his transactions for the month of January 2017: (a) Cash paid into the business by Adam. (b) Goods for resale purchased on cash terms. (c)...
Define the following terms: third party ; assignor ; constructive trust ; beneficiary ; chose in action .
In the political tug-of-war over benefit-cost analysis, some economists have argued that rather than value human lives saved as a result of regulation, we should instead value life years. The...
When taken to its extreme, the logic of benefit-cost analysis can generate some strange conclusions. In one case, researchers wanted to determine the value that mothers placed on their childrens...
As an aide to Governor Blabla, you are given the task of recommending whether the state should locate a low-level nuclear waste facility in a rural county. The nuclear industry provides you with a...
Use an F-test to test the joint significance of the price and income elasticity.
Use a t-test to test the significance of the estimated elasticities.
Take a look at the multiple sequence alignment in Figure 23.10 of the globin polypeptides from amino acids 101 to 148. A. Which of these amino acids are likely to be most important for globin...
Refer to the situation described inBE 18-13, but assume a 2-for-1 stock split instead of the 5% stock dividend. Prepare the journal entry to record the stock split if it is to be effected in the form...
Do any of the traditional capital investment appraisal techniques help in determining social and welfare capital expenditure proposals?
We can all dream up new capital expenditure proposals', asserted the Managing Director, 'but where is the money coming from?' How might the proposals be financed?
Moffat District Council has calculated the following net cash flows for a proposed project costing £1,450,000: Required: Calculate the internal rate of return generated by theproject. Year Net...
1- The binomial distribution N! B(M) = (N-M)!M! describes the probability of placing M identical particles into N equivalent physical sites, with a limit of one particle/site if the probability of a...
Margo, a calendar year taxpayer, paid $1,580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2023. Required: a. Assuming that the machinery was the only tangible...
CASA (Australia's Civil Aviation Safety Authority) and I CAO SMS (Safety Management Systems) and the alphanumeric risk categorization system for an aviation risk register. *** What I need help with...

What is meant by the terms debit and credit?

Question:

Step by Step Answer:

Debit is the term used to describe a situation in which money has been remove...View the full answer

Accounting For Non-Accounting Students

Students also viewed these Business questions