BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Liability and Equity accounts increase with a credit while Asset and Expense accounts decrease with a credit. It is thus more appropriate to say that credit is the right side of an account while debit is on the left side.

Detailed explanation-2: -In the world of accounting, “credit” has a more specialized meaning. It refers to a bookkeeping entry that records a decrease in assets or an increase in liabilities (as opposed to a debit, which does the opposite).

Detailed explanation-3: -The left side of the Account is always the debit side and the right side is always the credit side, no matter what the account is. For different accounts, debits and credits can mean either an increase or a decrease, but in a T Account, the debit is always on the left side and credit on the right side, by convention.

Detailed explanation-4: -In double-entry bookkeeping, all debits are made on the left side of the ledger and must be offset with corresponding credits on the right side of the ledger. On a balance sheet, positive values for assets and expenses are debited, and negative balances are credited.

Detailed explanation-5: -A debit records financial information on the left side of each account. A credit records financial information on the right side of an account.