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Accounting Homework Help

Definition and Differences of Debit and Credit Homework Answers

by Jul 9, 2017Accounting

Accounting by the name reminds me the long hours of studies and practice for achieving good scores in assignments. Debit and credit those two words without them the accountancy subject is incomplete. The accounting subject has always developed many calculations and transactions in the mind of the learners and the learners mind is most of the time a confused mind. The reason of the statement can best be understood by looking at the confused faces of students while studying the accountancy subject in classroom. This problem has created an opportunity and market for online service homework help providers.The definition of debit and credit homework answers remarkably amazing for students who are seeking help from experts at desired timelines.

The words debit and credit are understood outside accounting as well such as debit cards and credit cards however the concept is formulated in the accounting subject study itself. In the world of accounting and double entry book keeping the definition of debit in ledger accounts are treated differently. The debits are the increase transactions in the owner’s equity however the credits are the decrease statements or transactions in the owner’s equity. The difference between the two needs to be evaluated properly so that they can be used correctly in the books of accounts.

In terms of presentations the debit transactions are treated on the left side of ledger and the credit transactions are placed at the right side of ledger accounts. This is the reason due to which the double entry book keeping method came into existence. The idea of recording all the financial transactions twice in the books is developed so that there is less scope of errors in calculations. The confusion however still prevails for students as the double entry book keeping method is not easy to understand and here it gives scope to online definition of debit and credit homework answers services.

The concept clarity that can be gained through definition of debit and credit homework answers:

  • Debits are treated as assets to the organization where all receipts are debited. Further all expenses including loss are debited in the books of accounts.
  • Credits are treated as liabilities of the organization where all payments are credited. All incomes including gains are credited in accounts.

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