1199:). Likewise, an increase in liabilities and shareholder's equity are recorded on the right side (credit) of those accounts, thus they also maintain the balance of the accounting equation. In other words, if "assets are increased with left side entries, the accounting equation is balanced only if increases in liabilities and shareholder’s equity are recorded on the opposite or right side. Conversely, decreases in assets are recorded on the right side of asset accounts, and decreases in liabilities and equities are recorded on the left side". Similar is the case with revenues and expenses, what increases shareholder's equity is recorded as credit because they are in the right side of equation and vice versa. Typically, when reviewing the financial statements of a business, Assets are Debits and Liabilities and Equity are Credits. For example, when two companies transact with one another say Company A buys something from Company B then Company A will record a decrease in cash (a Credit), and Company B will record an increase in cash (a Debit). The same transaction is recorded from two different perspectives.
1064:
account can be broken down further, to provide additional detail as necessary. For example: Accounts
Receivable can be broken down to show each customer that owes the company money. In simplistic terms, if Bob, Dave, and Roger owe the company money, the Accounts Receivable account will contain a separate account for Bob, and Dave and Roger. All 3 of these accounts would be added together and shown as a single number (i.e. total 'Accounts Receivable' – balance owed) on the balance sheet. All accounts for a company are grouped together and summarized on the balance sheet in 3 sections which are: Assets, Liabilities and Equity.
1218:, which are Assets to the utility because they represent money the utility can expect to receive from the customer in the future. Credits actually decrease Assets (the utility is now owed less money). If the credit is due to a bill payment, then the utility will add the money to its own cash account, which is a debit because the account is another Asset. Again, the customer views the credit as an increase in the customer's own money and does not see the other side of the transaction.
1277:. Modern computer software allows for the instant update of each ledger account; for example, when recording a cash receipt in a cash receipts journal a debit is posted to a cash ledger account with a corresponding credit to the ledger account from which the cash was received. Not every single transaction needs to be entered into a T-account; usually only the sum (the batch total) for the day of each book transaction is entered in the general ledger.
1709:
1122:
1003:
1211:). A depositor's bank account is actually a Liability to the bank, because the bank legally owes the money to the depositor. Thus, when the customer makes a deposit, the bank credits the account (increases the bank's liability). At the same time, the bank adds the money to its own cash holdings account. Since this account is an Asset, the increase is a debit. But the customer typically does not see this side of the transaction.
985:: the bank records an increase in its cash account (debit) and records an increase in its liability to the customer by recording a credit in the customer's account (which is not cash). Note that, technically, the deposit is not a decrease in the cash (asset) of the company and should not be recorded as such. It is just a transfer to a proper bank account of record in the company's books, not affecting the ledger.
74:
989:
statement generally shows transactions from the bank's perspective, with cash deposits characterized as credits (liabilities) and withdrawals as debits (reductions in liabilities) in depositor's accounts. In the company's books the exact opposite entries should be recorded to account for the same cash. This concept is important since this is why so many people misunderstand what debit/credit really means.
977:, so, if an asset account increases (a debit (left)), then either another asset account must decrease (a credit (right)), or a liability or equity account must increase (a credit (right)). In the extended equation, revenues increase equity and expenses, costs & dividends decrease equity, so their difference is the impact on the equation.
794:'if we today would abolish the use of the words debit and credit in the ledger and substitute the ancient terms of "shall give" and "shall have" or "shall receive", the personification of accounts in the proper way would not be difficult and, with it, bookkeeping would become more intelligent to the proprietor, the layman and the student.'
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for specific accounts only and does not recognize the second half of a transaction as a contra, thus the term is restricted to accounts that are related. For example, sales returns and allowance and sales discounts are contra revenues with respect to sales, as the balance of each contra (a debit) is
1229:
and credit cards are creative terms used by the banking industry to market and identify each card. From the cardholder's point of view, a credit card account normally contains a credit balance, a debit card account normally contains a debit balance. A debit card is used to make a purchase with one's
1103:
The Equity section of the balance sheet typically shows the value of any outstanding shares that have been issued by the company as well as its earnings. All Income and expense accounts are summarized in the Equity
Section in one line on the balance sheet called Retained Earnings. This account, in
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is as follows, "An asset is a resource controlled by the entity as a result of past events from which future economic benefits are expected to flow to the entity". In simplistic terms, this means that Assets are accounts viewed as having a future value to the company (i.e. cash, accounts receivable,
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For example, if a company provides a service to a customer who does not pay immediately, the company records an increase in assets, Accounts
Receivable with a debit entry, and an increase in Revenue, with a credit entry. When the company receives the cash from the customer, two accounts again change
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Debits and credits are traditionally distinguished by writing the transfer amounts in separate columns of an account book. This practice simplified the manual calculation of net balances before the introduction of computers; each column was added separately, and then the smaller total was subtracted
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Real accounts are assets. Personal accounts are liabilities and owners' equity and represent people and entities that have invested in the business. Nominal accounts are revenue, expenses, gains, and losses. Accountants close out accounts at the end of each accounting period. This method is known
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Accounts are created/opened when the need arises for whatever purpose or situation the entity may have. For example, if your business is an airline company they will have to purchase airplanes, therefore even if an account is not listed below, a bookkeeper or accountant can create an account for a
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The process of using debits and credits creates a ledger format that resembles the letter "T". The term "T-account" is accounting jargon for a "ledger account" and is often used when discussing bookkeeping. The reason that a ledger account is often referred to as a T-account is due to the way the
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where the relationship of the Income and
Expenses accounts to Equity and profit is a bit clearer. Here Income and Expenses are regarded as temporary or nominal accounts which pertain only to the current accounting period whereas Asset, Liability, and Equity accounts are permanent or real accounts
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is the term for the comprehensive collection of T-accounts (it is so called because there was a pre-printed vertical line in the middle of each ledger page and a horizontal line at the top of each ledger page, like a large letter T). Before the advent of computerized accounting, manual accounting
988:
To make it more clear, the bank views the transaction from a different perspective but follows the same rules: the bank's vault cash (asset) increases, which is a debit; the increase in the customer's account balance (liability from the bank's perspective) is a credit. A customer's periodic bank
1769:
Each transaction that takes place within the business will consist of at least one debit to a specific account and at least one credit to another specific account. A debit to one account can be balanced by more than one credit to other accounts, and vice versa. For all transactions, the total
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The Profit and Loss
Statement is an expansion of the Retained Earnings Account. It breaks-out all the Income and expense accounts that were summarized in Retained Earnings. The Profit and Loss report is important in that it shows the detail of sales, cost of sales, expenses and ultimately the
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When setting up the accounting for a new business, a number of accounts are established to record all business transactions that are expected to occur. Typical accounts that relate to almost every business are: Cash, Accounts
Receivable, Inventory, Accounts Payable and Retained Earnings. Each
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the cardholder. From the bank's point of view, your debit card account is the bank's liability. A decrease to the bank's liability account is a debit. From the bank's point of view, when a credit card is used to pay a merchant, the payment causes an increase in the amount of money the bank
1985:
Expense accounts record all decreases in the owners' equity which occur from using the assets or increasing liabilities in delivering goods or services to a customer – the costs of doing business. Telephone, water, electricity, repairs, salaries, wages, depreciation, bad debts, stationery,
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by a debit value X, i.e. the balance has increased by £X or $ X. Likewise, in the liability account below, the X in the credit column denotes the increasing effect on the liability account balance (total credits less total debits), because a credit to a liability account is an increase.
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to a landlord would enter a credit for the bank account on which the cheque is drawn, and a debit in a rent expense account. Similarly, the landlord would enter a credit in the rent income account associated with the tenant and a debit for the bank account where the cheque is deposited.
1816:
In this form, increases to the amount of accounts on the left-hand side of the equation are recorded as debits, and decreases as credits. Conversely for accounts on the right-hand side, increases to the amount of accounts are recorded as credits to the account, and decreases as debits.
781:
and that
Handson uses Dr. as an abbreviation for the English word "debtor." (Sherman could not locate a first edition, but speculates that it too used Dr. for debtor.) The words actually used by Pacioli for the left and right sides of the Ledger are "in dare" and "in havere"
1930:
Non-current assets: Assets that are not recorded in transactions or hold for more than one year or in an accounting period are called Non-current assets. For example, land, buildings/plant, machinery, furniture, equipment, vehicles, trademarks and patents, goodwill
1976:
Income accounts record all increases in Equity other than that contributed by the owner/s of the business/entity. Services rendered, sales, interest income, membership fees, rent income, interest from investment, recurring receivables, donation etc.
753:(to entrust) to describe the two sides of a closed accounting transaction. Assets were owed to the owner and the owners' equity was entrusted to the company. At the time negative numbers were not in use. When his work was translated, the Latin words
1190:
can sometimes be confusing because they depend on the point of view from which a transaction is observed. In accounting terms, assets are recorded on the left side (debit) of asset accounts, because they are typically shown on the left side of the
1940:
Liability accounts record debts or future obligations a business or entity owes to others. When one institution borrows from another for a period of time, the ledger of the borrowing institution categorises the argument under liability accounts.
777:(Italian for "to") for the creditor in the Journal entries. Sherman goes on to say that the earliest text he found that actually uses "Dr." as an abbreviation in this context was an English text, the third edition (1633) of Ralph Handson's book
2005:
basis of accounting, even though the computer has been purchased on credit, the computer is already the property of Quick
Services and must be recognised as such. Therefore, the equipment account of Quick Services increases and is debited:
834:
increases or decreases an account's net balance depends on what kind of account it is. The basic principle is that the account receiving benefit is debited, while the account giving benefit is credited. For instance, an increase in an
1202:
This use of the terms can be counter-intuitive to people unfamiliar with bookkeeping concepts, who may always think of a credit as an increase and a debit as a decrease. This is because most people typically only see their personal
1916:, inventory, land, buildings/plant, machinery, furniture, equipment, supplies, vehicles, trademarks and patents, goodwill, prepaid expenses, prepaid insurance, debtors (people who owe us money, due within one year), VAT input etc.
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pertaining to the lifetime of the business. The temporary accounts are closed to the Equity account at the end of the accounting period to record profit/loss for the period. Both sides of these equations must be equal (balance).
2062:, the payable "ABC Computers" has not yet been paid. As a result, a liability is created within the entity's records. Therefore, to balance the accounting equation the corresponding liability account is credited:
2447:. An example is an office coffee fund: Expense "Coffee" (Dr) may be immediately followed by "Coffee – employee contributions" (Cr). Such an account is used for clarity rather than being a necessary part of GAAP (
1952:, salaries and wages payable, income taxes, bank overdrafts, accrued expenses, sales taxes, advance payments (unearned revenue), debt and accrued interest on debt, customer deposits, VAT output, etc.
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on the company side, the cash account is debited (increased) and the
Accounts Receivable account is now decreased (credited). When the cash is deposited to the bank account, two things also change,
1214:
On the other hand, when a utility customer pays a bill or the utility corrects an overcharge, the customer's account is credited. This is because the customer's account is one of the utility's
2462:
Account transactions can be recorded as a debit to one account and a credit to another account using the modern or traditional approaches in accounting and following are their normal balances:
689:
from the larger. Alternatively, debits and credits can be listed in one column, indicating debits with the suffix "Dr" or writing them plain, and indicating credits with the suffix "Cr" or a
1317:
attribute on the debit side. When an asset (e.g. an espresso machine) has been acquired in a business, the transaction will affect the debit side of that asset account illustrated below:
2440:
the opposite of sales (a credit). To understand the actual value of sales, one must net the contras against sales, which gives rise to the term net sales (meaning net of the contras).
1269:"Daybooks" or journals are used to list every single transaction that took place during the day, and the list is totaled at the end of the day. These daybooks are not part of the
769:. Under this theory, the abbreviations Dr (for debit) and Cr (for credit) derive directly from the original Latin. However, Sherman casts doubt on this idea because Pacioli uses
2419:
All accounts also can be debited or credited depending on what transaction has taken place. For example, when a vehicle is purchased using cash, the asset account "Vehicles" is
1923:
Current assets: Assets which operate in a financial year or assets that can be used up, or converted within one year or less are called current assets. For example, Cash, bank,
712:
This system was likely a direct precursor of the first
European adaptation many centuries later. The first known use of the terms "debit" and "credit" occurred in the Venetian
2459:
Each of the following accounts is either an Asset (A), Contra Account (CA), Liability (L), Shareholders' Equity (SE), Revenue (Rev), Expense (Exp) or Dividend (Div) account.
1998:
Quick Services business purchases a computer for £500, on credit, from ABC Computers. Recognize the following transaction for Quick Services in a ledger account (T-account):
802:"...it became the practice to extend the meanings of the terms ... beyond their original personal connotation and apply them to inanimate objects and abstract conceptions..."
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the cardholder. From the bank's point of view, your credit card account is the bank's asset. An increase to the bank's asset account is a debit. Hence, using a debit card
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due to the payment for the vehicle using cash. Some balance sheet items have corresponding "contra" accounts, with negative balances, that offset them. Examples are
1305:. The five accounting elements are all affected in either a positive or negative way. A credit transaction does not always dictate a positive value or increase in a
1900:
specific item, such as an asset account for airplanes. In order to understand how to classify an account into one of the five elements, a good understanding of the
1091:). To determine how to classify an account into one of the five elements, the definitions of the five account types must be fully understood. The definition of an
2189:
A business buys equipment with cash: You increase equipment (asset) by recording a debit transaction, and decrease cash (asset) by recording a credit transaction.
2186:
A business receives cash for a sale: You increase cash (asset) by recording a debit transaction, and increase sales (income) by recording a credit transaction.
2788:). In the Journal the debtor is indicated by per, the creditor by a, as we have said...The debitor entry must be at the left, the creditor one at the right."
1100:
equipment, computers). Liabilities, conversely, would include items that are obligations of the company (i.e. loans, accounts payable, mortgages, debts).
2383:
account is physically drawn on paper (representing a "T"). The left column is for debit (Dr) entries, while the right column is for credit (Cr) entries.
807:
1262:
is the table of contents of the general ledger. Totaling of all debits and credits in the general ledger at the end of a financial period is known as
814:, where he states "Cash representeth (to me) a man to whom I … have put my money into his keeping; the which by reason is obliged to render it back."
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in use during the Renaissance by Venetian merchants, traders and bankers. This system is still the fundamental system in use by modern bookkeepers.
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2443:
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the
1571:
1108:
profit of the company. Most companies rely heavily on the profit and loss report and review it regularly to enable strategic decision making.
1795:
The equation thus becomes A – L – E = 0 (zero). When the total debits equals the total credits for each account, then the equation balances.
2888:
693:. Debits and credits do not, however, correspond in a fixed way to positive and negative numbers. Instead the correspondence depends on the
1233:
From the bank's point of view, when a debit card is used to pay a merchant, the payment causes a decrease in the amount of money the bank
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338:
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Nigam, B. M. Lall (1986). Bahi-Khata: The Pre-Pacioli Indian Double-entry System of Bookkeeping. Abacus, September 1986. Retrieved from
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Long-term liability, when money may be owed for more than one year. Examples include trust accounts, debenture, mortgage loans and more.
2780:"For each one of all the entries that you have made in the Journal you will have to make two in the Ledger. That is, one in the debit (
2839:
Jackson, J.G.C., "The History of Methods of Exposition of Double-Entry Bookkeeping in England." Studies in the History of Accounting,
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2183:
with cash: You increase rent (expense) by recording a debit transaction, and decrease cash (asset) by recording a credit transaction.
2155:
The journal entry "ABC Computers" is indented to indicate that this is the credit transaction. It is accepted accounting practice to
1904:
of these accounts is required. Below are examples of some of the more common accounts that pertain to the five accounting elements:
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2952:. 1st Floor, 30 Cannon Street, London EC4M 6XH, United Kingdom: IASB (International Accounting Standards Board). 2009. p. 14.
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the account. Each transaction transfers value from credited accounts to debited accounts. For example, a tenant who writes a rent
2736:
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The totals show the net effect on the accounting equation and the double-entry principle, where the transactions are balanced.
2196:: You increase cash (asset) by recording a debit transaction, and increase loan (liability) by recording a credit transaction.
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1927:, inventory (people who owe us money, due within one year), prepaid expenses, prepaid insurance, VAT input and many more.
1912:
Asset accounts are economic resources which benefit the business/entity and will continue to do so. They are Cash, bank,
1730:
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1024:
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1349:(total debits less total credits), because a debit to an asset account is an increase. The asset account above has been
3104:
Financial Accounting 5th Ed., pp. 14–15, Horngren, Harrison, Bamber, Best, Fraser, Willet, Pearson/Prentice Hall, 2006.
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Equity accounts record the claims of the owners of the business/entity to the assets of that business/entity. Capital,
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procedure used a ledger book for each T-account. The collection of all these books was called the general ledger. The
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Financial Accounting 5th Ed., p. 145, Horngren, Harrison, Bamber, Best, Fraser, Willet, Pearson/Prentice Hall, 2006.
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credit card causes a debit to the cardholder's account in either situation when viewed from the bank's perspective.
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Financial Accounting 5th Ed., p. 47, Horngren, Harrison, Bamber, Best, Fraser, Willet, Pearson/Prentice Hall, 2006.
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2435:(also known as allowance for doubtful accounts) against accounts receivable. United States GAAP utilizes the term
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or "T" account, e.g. a ledger account named "Bank" that can be changed with either a debit or credit transaction.
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2001:
Quick Services has acquired a new computer which is classified as an asset within the business. According to the
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Current liability, when money only may be owed for the current accounting period or periodical. Examples include
1270:
432:
1842:
In accounting it is acceptable to draw-up a ledger account in the following manner for representation purposes:
1273:. The information recorded in these daybooks is then transferred to the general ledgers, where it is said to be
3441:
1734:
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17:
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Financial Accounting, Horngren, Harrison, Bamber, Best, Fraser Willet, pp. 14, 46, Pearson/Prentice Hall 2006.
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Financial Accounting, Horngren, Harrison, Bamber, Best, Fraser Willet, pp. 13, 44, Pearson/Prentice Hall 2006.
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by W. Richard Sherman published in The Accounting Historians Journal, Vol. 13, No. 2 (Fall 1986), pp. 137–143.
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Financial Accounting, Horngren, Harrison, Bamber, Best, Fraser Willet, p. 15, Pearson/Prentice Hall 2006.
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Financial Accounting, Horngren, Harrison, Bamber, Best, Fraser Willet, p. 14, Pearson/Prentice Hall 2006.
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2203:(expenses) by recording a debit transaction, and decrease cash (asset) by recording a credit transaction.
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general, reflects the cumulative profit (retained earnings) or loss (retained deficit) of the company.
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and similarly, a debit does not always indicate a negative value or decrease in a transaction. An
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resulting from business transactions. A debit entry in an account represents a transfer of value
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Summary table of standard increasing and decreasing attributes for the accounting elements:
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2896:(First ed.). Tamil Nadu Textbooks Corporation. 2004. pp. 28–34. Archived from
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The "X" in the debit column denotes the increasing effect of a transaction on the asset
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There are five fundamental elements within accounting. These elements are as follows:
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A facsimile of the original Italian is given on the facing page to the translation.
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As Jackson has noted, "debtor" need not be a person, but can be an abstract party:
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account is often referred to as a "debit account" due to the account's standard
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http://onlinelibrary.wiley.com/doi/10.1111/j.1467-6281.1986.tb00132.x/abstract
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To determine whether to debit or credit a specific account, we use either the
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The classical approach has three golden rules, one for each type of account:
726:). Pacioli devoted one section of his book to documenting and describing the
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Financial Accounting, Horngren, Harrison, Bamber, Best, Fraser Willet, pp.
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Attributes of accounting elements per real, personal, and nominal accounts
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and Basil S. Yamey (eds.). Homewood, III.: Richard D. Irwin, 1956. p. 295
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own money. A credit card is used to make a purchase by borrowing money.
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3233:"Accounting Abbreviations – Helping You Understand Accounting Jargon"
869:: Expenses and losses are debited and incomes and gains are credited.
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Indian merchants developed a double-entry bookkeeping system, called
3076:"Account Types or Kinds of Accounts :: Personal, Real, Nominal"
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A Summary of Arithmetic, Geometry, Proportions and Proportionality
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Double Entry: How the Merchants of Venice Created Modern Finance
863:: Receiver's account is debited and giver's account is credited.
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Summa de Arithmetica, Geometria, Proportioni et Proportionalita
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500 = 0 + 500 (the accounting equation is therefore balanced).
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3038:. Diffbetween.org (8 February 2012). Retrieved on 4 May 2012.
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Assets = Liabilities + Equity/Capital + (Income − Expenses),
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It is sometimes said that, in its original Latin, Pacioli's
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Assets + Expenses = Equity/Capital + Liabilities + Income,
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debits must be equal to the total credits and therefore
3255:"Normal balances in the accounting double entry system"
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David L. Kolitz; A. B. Quinn; Gavin McAllister (2009).
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and simultaneously the asset account "Bank or Cash" is
857:: Debit whatever comes in and credit whatever goes out.
676:
that account, and a credit entry represents a transfer
2144: ABC Computers (Payable)
1944:
The basic classifications of liability accounts are:
790:). Geijsbeek the translator suggests in the preface:
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All accounts must first be classified as one of the
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Concepts-Based Introduction to Financial Accounting
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Accounts pertaining to the five accounting elements
1820:This can also be rewritten in the equivalent form:
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2737:"Basic Accounting Concepts 2 – Debits and Credits"
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1968:, drawings, common stock, accumulated funds, etc.
826:approach (based on five accounting rules), or the
2925:Fundamentals of Accounting and Financial Analysis
2199:A business pays salaries with cash: You increase
1358:All "mini-ledgers" in this section show standard
1068:
965:Debits and credits occur simultaneously in every
3510:
2058:As the transaction for the new computer is made
969:transaction in double-entry bookkeeping. In the
806:This sort of abstraction is already apparent in
40:"Debit" redirects here. Not to be confused with
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2159:credit transactions recorded within a journal.
1362:attributes for the five elements of accounting.
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2769:Analysis or Resolution of Merchant Accompts 3e
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27:Sides of an account in double-entry bookeeping
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3049:"Accounting made easy 4 – Debits and Credits"
3029:Difference between Credit Card and Debit Card
2942:
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3310:"Q&A: What is a contra expense account?"
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2618:The Theory of Debit and Credit in Accounting
1069:five types of accounts (accounting elements)
1737:. Unsourced material may be challenged and
1150:. Unsourced material may be challenged and
1031:. Unsourced material may be challenged and
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956:Accounts with normal debit balances are in
779:Analysis or Resolution of Merchant Accompts
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339:International Financial Reporting Standards
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638:
624:
2928:. Pearson Education India. pp. 44+.
2814:
2789:
1919:Two types of basic asset classification:
1757:Learn how and when to remove this message
1170:Learn how and when to remove this message
1051:Learn how and when to remove this message
3197:
2993:. Juta and Company Ltd. pp. 86–89.
2890:Accountancy: Higher Secondary First Year
2656:
2449:generally accepted accounting principles
2883:
2881:
2614:
14:
3511:
2921:
2638:
839:account is a debit. An increase in a
773:(Italian for "by") for the debtor and
697:convention of the particular account.
3339:
3138:. John Wiley & Sons. p. 86.
1990:, rent, fuel, utility, interest etc.
1935:
1207:and billing statements (e.g., from a
709:, some time in the first millenium.
329:Generally-accepted auditing standards
3230:
2878:
2858:Introduction to Financial Accounting
2856:Dempsey, A.; Pieters, H. N. (2009).
2692:
2114:The above example can be written in
1735:adding citations to reliable sources
1702:
1148:adding citations to reliable sources
1115:
1029:adding citations to reliable sources
996:
3160:14, 45, Pearson/Prentice Hall 2006.
3135:Intermediate Accounting For Dummies
2173:
1980:
344:International Standards on Auditing
24:
2644:Elementary Principles of Economics
2068:Payable ABC Computers (Liability)
1959:
1835:Each transaction is recorded in a
1249:
830:(based on three rules). Whether a
25:
3540:
3331:
2414:
2162:In the accounting equation form:
1907:
401:Notes to the financial statements
3132:Maire Loughran (24 April 2012).
2818:Ancient Double-entry Bookkeeping
2793:Ancient Double-entry Bookkeeping
1707:
1120:
1001:
349:Management Accounting Principles
72:
3529:Accounting journals and ledgers
3302:
3247:
3224:
3206:. John Wiley and Sons. p.
3182:
3173:
3164:
3152:
3125:
3116:
3107:
3098:
3089:
3068:
3041:
3022:
3007:
2980:
2915:
2833:
2808:
2774:
2713:"Peachtree For Dummies, 2nd Ed"
2556:Allowance for doubtful accounts
2192:A business borrows with a cash
1271:double-entry bookkeeping system
728:double-entry bookkeeping system
3442:Statement of changes in equity
3365:
2762:
2750:
2705:
2665:
2650:
2632:
2608:
1788:Assets = Equity + Liabilities,
1111:
13:
1:
2601:
2377:
975:Assets = Liabilities + Equity
324:Generally-accepted principles
2757:"Wheres's the "R" in Debit?"
1698:
1281:The five accounting elements
1222:Debit cards and credit cards
7:
3285:"Contra account definition"
3259:The Accounting Adventurista
3198:Weygandt, Jerry J. (2009).
3018:. McGraw Hill. p. 118.
2672:Jane Gleeson-White (2012).
2657:Flannery, David A. (2005).
10:
3545:
3014:Hart-Fanta, Leita (2011).
2815:Geijsbeek, John B (1914).
2790:Geijsbeek, John B (1914).
1993:
700:
39:
29:
3455:
3424:
3373:
2784:) and one in the credit (
2067:
2011:
1847:
1637:
1608:
1579:
1443:
1418:
1393:
1368:
1322:
955:
193:Constant purchasing power
90:Constant purchasing power
3034:23 February 2012 at the
2972:: CS1 maint: location (
2860:(7th ed.). Durban:
2615:McClung, Robert (1913).
2578:Accumulated depreciation
2429:accumulated depreciation
993:Commercial understanding
659:double-entry bookkeeping
524:Accounting organizations
512:People and organizations
3406:Governmental accounting
2659:Bookkeeping Made Simple
2455:Accounts classification
2433:allowance for bad debts
2431:against equipment, and
1972:Income/revenue accounts
818:Aspects of transactions
272:Amortization (business)
3524:Accounting terminology
3016:Accounting Demystified
2471:A/CA/L/SE/Rev/Exp/Div
1827:A = L + E + (I − Ex),
804:
796:
747:
739:
46:Debit (disambiguation)
44:. For other uses, see
3391:Management accounting
929:Expense/Cost/Dividend
876: Kind of account
847:account is a credit.
812:The Merchant's Mirror
810:'s 17th-century text
800:
792:
737:used the Latin words
668:to record changes in
396:Management discussion
3381:Financial accounting
3202:Financial Accounting
2589:Investment in shares
1731:improve this section
1572:traditional approach
1144:improve this section
1025:improve this section
661:are entries made in
363:Financial statements
316:Accounting standards
3483:Capital expenditure
3447:Cash flow statement
3396:Forensic accounting
2903:on 4 September 2011
2545:Accounts receivable
1925:accounts receivable
1914:accounts receivable
1812:A + Ex = E + L + I.
1803:accounting equation
1782:accounting equation
1216:accounts receivable
1193:accounting equation
971:accounting equation
824:accounting equation
761:became the English
589:Earnings management
559:Positive accounting
433:Double-entry system
423:Bank reconciliation
228:Revenue recognition
3519:Accounting systems
3473:Cost of goods sold
3463:Debits and credits
2534:Cost of goods sold
2012:Equipment (Asset)
1936:Liability accounts
1552:Retained earnings
828:classical approach
564:Sarbanes–Oxley Act
499:Sarbanes–Oxley Act
428:Debits and credits
263:Cost of goods sold
218:Matching principle
33:Debits and Credits
30:For the book, see
3506:
3505:
3478:Operating expense
3411:Social accounting
3231:Cusimano, David.
3217:978-0-470-47715-1
3145:978-1-118-17682-5
3000:978-0-7021-7749-1
2959:978-0-409-04813-1
2935:978-81-317-0202-4
2871:978-0-409-10580-3
2685:978-0-393-08968-4
2661:. pp. 18–19.
2599:
2598:
2512:Retained earnings
2412:
2411:
2375:
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2153:
2152:
2112:
2111:
2056:
2055:
1966:retained earnings
1892:
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1301:(or Revenue) and
1260:chart of accounts
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1061:
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963:
962:
861:Personal accounts
648:
647:
609:Two sets of books
604:Off-balance-sheet
246:Selected accounts
183:Accounting period
16:(Redirected from
3536:
3432:Income statement
3360:
3353:
3346:
3337:
3336:
3325:
3324:
3322:
3320:
3314:Accounting Coach
3306:
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3289:Accounting Coach
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2696:
2690:
2689:
2678:. W. W. Norton.
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2612:
2501:Accounts payable
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2209:
2179:A business pays
2174:Further examples
2121:
2120:
2065:
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2009:
2008:
1981:Expense accounts
1950:accounts payable
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1005:
997:
983:on the bank side
873:
867:Nominal accounts
808:Richard Dafforne
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3401:Fund accounting
3386:Cost accounting
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3036:Wayback Machine
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1986:entertainment,
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1962:
1960:Equity accounts
1938:
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1805:is as follows:
1784:is as follows:
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1347:account balance
1283:
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1250:General ledgers
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233:Unit of account
213:Historical cost
198:Economic entity
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85:Historical cost
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3416:Tax accounting
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3332:External links
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3235:. Loughborough
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2445:general ledger
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2415:Contra account
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1908:Asset accounts
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1297:(or Capital),
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1255:General ledger
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716:'s 1494 work,
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18:Contra account
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3209:
3204:
3203:
3194:
3185:
3176:
3167:
3161:
3155:
3147:
3141:
3137:
3136:
3128:
3119:
3110:
3101:
3092:
3077:
3071:
3056:
3055:
3050:
3044:
3037:
3033:
3030:
3025:
3017:
3010:
3002:
2996:
2992:
2991:
2983:
2975:
2969:
2961:
2955:
2951:
2950:IFRS for SMEs
2945:
2937:
2931:
2927:
2926:
2918:
2899:
2892:
2891:
2884:
2882:
2873:
2867:
2863:
2859:
2852:
2850:
2842:
2836:
2820:
2819:
2811:
2795:
2794:
2787:
2783:
2777:
2770:
2765:
2758:
2753:
2738:
2732:
2714:
2708:
2701:
2695:
2687:
2681:
2677:
2676:
2668:
2660:
2653:
2646:. p. 69.
2645:
2641:
2635:
2620:
2619:
2611:
2607:
2594:
2591:
2588:
2587:
2583:
2580:
2577:
2576:
2572:
2569:
2567:Common shares
2566:
2565:
2561:
2558:
2555:
2554:
2550:
2547:
2544:
2543:
2539:
2536:
2533:
2532:
2528:
2525:
2522:
2521:
2517:
2514:
2511:
2510:
2506:
2503:
2500:
2499:
2495:
2492:
2490:Wages expense
2489:
2488:
2484:
2481:
2478:
2477:
2473:
2470:
2467:
2466:
2463:
2460:
2452:
2450:
2446:
2441:
2438:
2434:
2430:
2426:
2422:
2407:
2404:
2403:
2399:
2396:
2395:
2392:Credits (Cr)
2391:
2388:
2387:
2384:
2370:
2368:
2365:
2363:
2362:
2359:
2356:
2353:
2350:
2349:
2345:
2343:
2340:
2338:
2337:
2334:
2331:
2328:
2325:
2324:
2320:
2318:
2315:
2313:
2312:
2309:
2306:
2303:
2300:
2299:
2295:
2293:
2290:
2288:
2287:
2284:
2281:
2279:Equipment (A)
2278:
2275:
2274:
2270:
2268:
2265:
2263:
2262:
2259:
2256:
2253:
2250:
2249:
2245:
2243:
2240:
2238:
2237:
2234:
2231:
2228:
2225:
2224:
2220:
2217:
2214:
2212:
2211:
2205:
2202:
2198:
2195:
2191:
2188:
2185:
2182:
2178:
2177:
2168:
2165:
2164:
2163:
2160:
2158:
2148:
2146:
2143:
2142:
2139:
2136:
2133:
2132:
2128:
2125:
2123:
2122:
2119:
2117:
2107:
2104:
2103:
2099:
2096:
2095:
2091:
2088:
2087:
2083:
2080:
2079:
2075:
2072:
2071:
2066:
2063:
2061:
2051:
2048:
2047:
2043:
2040:
2039:
2035:
2032:
2031:
2027:
2024:
2023:
2019:
2016:
2015:
2010:
2007:
2004:
1999:
1991:
1989:
1978:
1969:
1967:
1954:
1951:
1947:
1946:
1945:
1942:
1929:
1926:
1922:
1921:
1920:
1917:
1915:
1905:
1903:
1887:
1884:
1883:
1879:
1876:
1875:
1871:
1868:
1867:
1863:
1860:
1859:
1856:Credits (Cr)
1855:
1852:
1851:
1846:
1843:
1840:
1838:
1833:
1826:
1823:
1822:
1821:
1818:
1811:
1808:
1807:
1806:
1804:
1801:
1796:
1790:
1787:
1786:
1785:
1783:
1780:
1775:
1773:
1761:
1758:
1750:
1740:
1736:
1732:
1726:
1725:
1721:
1716:This section
1714:
1710:
1705:
1704:
1691:
1689:
1686:
1684:
1681:
1680:
1677:
1674:
1671:
1668:
1667:
1663:
1661:
1658:
1656:
1653:
1652:
1649:
1646:
1643:
1640:
1636:
1633:
1630:
1627:
1624:
1623:
1620:
1617:
1614:
1611:
1607:
1603:
1601:
1598:
1596:
1593:
1590:
1589:
1585:
1582:
1580:Account type
1578:
1575:
1573:
1557:
1554:
1551:
1550:
1546:
1543:
1540:
1539:
1535:
1532:
1529:
1528:
1524:
1521:
1518:
1517:
1513:
1510:
1507:
1506:
1502:
1499:
1496:
1495:
1491:
1488:
1485:
1484:
1480:
1477:
1475:ACCOUNT TYPE
1474:
1473:
1470:
1469:
1459:
1456:
1455:
1452:Credits (Cr)
1451:
1448:
1447:
1442:
1434:
1431:
1430:
1427:Credits (Cr)
1426:
1423:
1422:
1417:
1409:
1406:
1405:
1402:Credits (Cr)
1401:
1398:
1397:
1392:
1384:
1381:
1380:
1377:Credits (Cr)
1376:
1373:
1372:
1367:
1364:
1363:
1361:
1355:
1352:
1348:
1338:
1335:
1334:
1331:Credits (Cr)
1330:
1327:
1326:
1321:
1318:
1316:
1312:
1308:
1304:
1300:
1296:
1292:
1288:
1278:
1276:
1272:
1267:
1265:
1264:trial balance
1261:
1256:
1247:
1245:
1241:
1236:
1231:
1228:
1219:
1217:
1212:
1210:
1206:
1205:bank accounts
1200:
1198:
1194:
1189:
1185:
1174:
1171:
1163:
1153:
1149:
1145:
1139:
1138:
1134:
1129:This section
1127:
1123:
1118:
1117:
1109:
1105:
1101:
1098:
1095:according to
1094:
1090:
1086:
1082:
1078:
1074:
1070:
1065:
1055:
1052:
1044:
1034:
1030:
1026:
1020:
1019:
1015:
1010:This section
1008:
1004:
999:
998:
990:
986:
984:
978:
976:
972:
968:
959:
954:
951:
948:
945:
942:
941:
937:
935:
932:
930:
927:
926:
923:
920:
917:
914:
913:
910:
907:
904:
901:
900:
896:
894:
891:
889:
886:
885:
881:
878:
875:
874:
868:
865:
862:
859:
856:
855:Real accounts
853:
852:
851:
848:
846:
842:
838:
833:
829:
825:
815:
813:
809:
803:
799:
795:
791:
789:
785:
780:
776:
772:
768:
764:
760:
756:
751:
750:
745:(to owe) and
743:
742:
736:
731:
729:
725:
721:
720:
715:
710:
708:
698:
696:
692:
686:
683:
679:
675:
671:
667:
664:
660:
656:
652:
641:
636:
634:
629:
627:
622:
621:
619:
618:
610:
607:
605:
602:
600:
597:
595:
594:Error account
592:
590:
587:
585:
582:
581:
574:
573:
565:
562:
560:
557:
555:
552:
550:
547:
546:
539:
538:
530:
527:
525:
522:
520:
517:
516:
509:
508:
500:
497:
495:
492:
490:
487:
485:
482:
480:
477:
476:
472:
467:
466:
458:
457:Trial balance
455:
453:
449:
446:
444:
441:
439:
438:FIFO and LIFO
436:
434:
431:
429:
426:
424:
421:
420:
416:
411:
410:
402:
399:
397:
394:
392:
389:
387:
384:
382:
379:
377:
376:Balance sheet
374:
372:
371:Annual report
369:
368:
364:
359:
358:
350:
347:
345:
342:
340:
337:
335:
332:
330:
327:
325:
322:
321:
317:
312:
311:
303:
300:
298:
295:
293:
290:
288:
285:
283:
280:
278:
275:
273:
269:
266:
264:
261:
259:
256:
254:
251:
250:
243:
242:
234:
231:
229:
226:
224:
221:
219:
216:
214:
211:
209:
208:Going concern
206:
204:
201:
199:
196:
194:
191:
189:
186:
184:
181:
180:
173:
172:
164:
161:
159:
156:
154:
151:
149:
146:
144:
141:
139:
136:
134:
131:
129:
126:
124:
121:
119:
116:
115:
108:
107:
101:
98:
96:
93:
91:
88:
86:
83:
82:
80:
79:
75:
71:
70:
67:
64:
63:
59:
55:
54:
51:
47:
43:
36:
34:
19:
3493:Gross income
3488:Depreciation
3462:
3317:. Retrieved
3313:
3304:
3292:. Retrieved
3288:
3262:. Retrieved
3258:
3249:
3237:. Retrieved
3226:
3201:
3193:
3184:
3175:
3166:
3159:
3154:
3134:
3127:
3118:
3109:
3100:
3091:
3079:. Retrieved
3070:
3058:. Retrieved
3052:
3043:
3024:
3015:
3009:
2989:
2982:
2949:
2944:
2924:
2922:A. Chowdry.
2917:
2905:. Retrieved
2898:the original
2889:
2857:
2835:
2823:. Retrieved
2821:. p. 15
2817:
2810:
2797:. Retrieved
2792:
2785:
2781:
2776:
2764:
2752:
2740:. Retrieved
2731:
2719:. Retrieved
2707:
2694:
2674:
2667:
2658:
2652:
2643:
2634:
2622:. Retrieved
2617:
2610:
2461:
2458:
2442:
2436:
2424:
2420:
2418:
2381:
2221:Credit (Cr)
2161:
2154:
2113:
2059:
2057:
2000:
1997:
1984:
1975:
1963:
1943:
1939:
1918:
1911:
1901:
1898:
1841:
1834:
1830:
1819:
1815:
1799:
1797:
1794:
1778:
1776:
1771:
1768:
1753:
1747:October 2014
1744:
1729:Please help
1717:
1687:
1682:
1675:
1659:
1654:
1647:
1631:
1618:
1599:
1594:
1568:
1467:
1465:
1359:
1357:
1356:
1350:
1346:
1344:
1314:
1284:
1274:
1268:
1263:
1259:
1253:
1243:
1239:
1234:
1232:
1225:
1213:
1201:
1196:
1187:
1183:
1181:
1166:
1160:October 2014
1157:
1142:Please help
1130:
1106:
1102:
1066:
1062:
1047:
1041:October 2014
1038:
1023:Please help
1011:
987:
982:
979:
974:
964:
957:
949:
933:
928:
921:
908:
892:
887:
866:
860:
854:
849:
844:
840:
836:
831:
827:
823:
821:
811:
805:
801:
797:
793:
787:
783:
778:
774:
770:
766:
762:
758:
754:
734:
732:
723:
717:
714:Luca Pacioli
711:
706:
704:
687:
677:
673:
654:
650:
649:
529:Luca Pacioli
450: /
427:
270: /
268:Depreciation
176:Key concepts
148:Governmental
50:
32:
2771:at WorldCat
2389:Debits (Dr)
2329:Salary (Ex)
1902:definitions
1853:Debits (Dr)
1449:Debits (Dr)
1424:Debits (Dr)
1399:Debits (Dr)
1374:Debits (Dr)
1328:Debits (Dr)
1307:transaction
1291:Liabilities
1227:Debit cards
1112:Terminology
542:Development
519:Accountants
415:Bookkeeping
334:Convergence
292:Liabilities
223:Materiality
111:Major types
3513:Categories
3498:Net income
3425:Statements
3367:Accounting
2862:LexisNexis
2742:6 February
2721:6 February
2602:References
2378:T-accounts
2366:Total (Cr)
2354:Total (Dr)
2218:Debit (Dr)
2166:A = E + L,
1988:honorarium
1791:A = E + L.
1519:Liability
1508:Dividends
1369:Liability
1360:increasing
1315:increasing
1240:is owed by
1182:The words
707:bahi-khata
691:minus sign
577:Misconduct
203:Fair value
153:Management
95:Management
66:Accounting
3239:18 August
2968:cite book
2786:in havere
2559:CA (A/R)
2479:Inventory
2266:Sales (I)
2229:Rent (Ex)
2134:Equipment
2060:on credit
1718:does not
1699:Principle
1692:Decrease
1664:Decrease
1612:Liability
1604:Decrease
1419:Expenses
1131:does not
1077:liability
1012:does not
967:financial
938:Decrease
902:Liability
897:Decrease
841:liability
599:Hollywood
479:Financial
381:Cash-flow
138:Financial
3060:13 March
3032:Archived
2642:(1912).
2624:27 March
2468:Accounts
2425:credited
2371:$ 21350
2341:Cash (A)
2316:Loan (L)
2304:Cash (A)
2291:Cash (A)
2254:Cash (A)
2241:Cash (A)
1800:extended
1688:Increase
1676:Increase
1672:Decrease
1660:Increase
1655:Expenses
1648:Increase
1644:Decrease
1632:Increase
1628:Decrease
1619:Increase
1615:Decrease
1609:Personal
1600:Increase
1530:Revenue
1497:Expense
1351:added to
1303:Expenses
950:Increase
946:Decrease
934:Increase
922:Increase
918:Decrease
909:Increase
905:Decrease
893:Increase
584:Creative
554:Research
484:Internal
471:Auditing
287:Goodwill
282:Expenses
133:Forensic
58:a series
56:Part of
3468:Revenue
3319:3 March
3294:3 March
3264:3 March
3081:8 April
3054:YouTube
2907:12 July
2825:31 July
2799:31 July
2782:in dare
2581:CA (A)
2523:Revenue
2474:Dr/ Cr
2421:debited
2408:
2400:
2357:$ 21350
2215:Account
2116:journal
2108:
2100:
2092:
2052:
2044:
2036:
2028:
2003:accrual
1994:Example
1888:
1880:
1872:
1864:
1779:general
1772:balance
1739:removed
1724:sources
1641:Revenue
1638:Nominal
1586:Credit
1570:as the
1481:CREDIT
1444:Equity
1435:
1394:Income
1339:
1235:owes to
1209:utility
1152:removed
1137:sources
1089:expense
1033:removed
1018:sources
882:Credit
788:receive
759:credere
749:credere
701:History
666:ledgers
663:account
655:credits
549:History
443:Journal
302:Revenue
188:Accrual
3214:
3142:
2997:
2956:
2932:
2868:
2682:
2437:contra
2405:
2397:
2321:11000
2201:salary
2157:indent
2118:form:
2105:
2097:
2089:
2081:
2049:
2041:
2033:
1885:
1877:
1869:
1861:
1837:ledger
1595:Assets
1486:Asset
1478:DEBIT
1457:
1407:
1382:
1323:Asset
1299:Income
1295:Equity
1287:Assets
1275:posted
1197:A=L+SE
1188:credit
1085:income
1081:equity
845:equity
843:or an
767:credit
755:debere
741:debere
682:cheque
651:Debits
494:Report
448:Ledger
391:Income
386:Equity
297:Profit
277:Equity
253:Assets
158:Social
123:Budget
35:(book)
3456:Terms
2901:(PDF)
2894:(PDF)
2716:(PDF)
2346:5000
2307:11000
2296:5200
2076:(Cr)
2020:(Cr)
1848:Bank
1583:Debit
1311:asset
1184:debit
1093:asset
1073:asset
888:Asset
879:Debit
837:asset
832:debit
763:debit
757:and
735:Summa
670:value
489:Firms
118:Audit
3374:Type
3321:2014
3296:2014
3266:2014
3241:2011
3212:ISBN
3140:ISBN
3083:2011
3062:2011
2995:ISBN
2974:link
2954:ISBN
2930:ISBN
2909:2011
2866:ISBN
2827:2016
2801:2016
2744:2011
2723:2011
2680:ISBN
2626:2023
2570:Div
2537:Exp
2526:Rev
2493:Exp
2332:5000
2282:5200
2246:100
2194:loan
2181:rent
2149:500
2084:500
2073:(Dr)
2017:(Dr)
1931:etc.
1798:The
1777:The
1722:any
1720:cite
1683:Loss
1669:Gain
1591:Real
1186:and
1135:any
1133:cite
1097:IFRS
1087:and
1016:any
1014:cite
958:bold
786:and
784:give
765:and
678:from
653:and
258:Cash
143:Fund
128:Cost
42:Debt
2595:Dr
2584:Cr
2573:Cr
2562:Cr
2551:Dr
2540:Dr
2529:Cr
2518:Cr
2515:SE
2507:Cr
2496:Dr
2485:Dr
2451:).
2271:50
2232:100
2137:500
2129:Cr
2025:500
1733:by
1146:by
1027:by
771:Per
657:in
163:Tax
100:Tax
3515::
3312:.
3287:.
3274:^
3257:.
3210:.
3208:53
3051:.
2970:}}
2966:{{
2880:^
2864:.
2848:^
2592:A
2548:A
2504:L
2482:A
2351:6.
2326:5.
2301:4.
2276:3.
2257:50
2251:2.
2226:1.
2126:Dr
1774:.
1574:.
1558:+
1555:−
1547:+
1544:−
1536:+
1533:−
1525:+
1522:−
1514:−
1511:+
1503:−
1500:+
1492:−
1489:+
1460:X
1410:X
1385:X
1293:,
1289:,
1266:.
1244:or
1083:,
1079:,
1075:,
1071:(
973:,
674:to
60:on
3359:e
3352:t
3345:v
3323:.
3298:.
3268:.
3243:.
3220:.
3148:.
3085:.
3064:.
3003:.
2976:)
2962:.
2938:.
2911:.
2874:.
2829:.
2803:.
2746:.
2725:.
2702:.
2688:.
2628:.
1760:)
1754:(
1749:)
1745:(
1741:.
1727:.
1432:X
1336:X
1195:(
1173:)
1167:(
1162:)
1158:(
1154:.
1140:.
1054:)
1048:(
1043:)
1039:(
1035:.
1021:.
782:(
775:A
722:(
639:e
632:t
625:v
48:.
37:.
20:)
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