BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Debit
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Credit
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Detailed explanation-1: -The accountant’s term to indicate that an entry will be recorded on the left-side of an account is Debit.
Detailed explanation-2: -Debit means an entry recorded for a payment made or owed. A debit entry is usually made on the left side of a ledger account. So, when a transaction occurs in a double entry system, one account is debited while another account is credited.
Detailed explanation-3: -A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. It is positioned to the left in an accounting entry.
Detailed explanation-4: -The left side of a T-account or ledger is known as debit while the right side is known as the credit.
Detailed explanation-5: -Left hand side of an account is called as debit side and right hand side is known as credit side.