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Debits and credits

Index Debits and credits

In double entry bookkeeping, debits and credits (abbreviated Dr and Cr, respectively) are entries made in account ledgers to record changes in value resulting from business transactions. [1]

33 relations: Account (bookkeeping), Accountant, Accounting equation, Accounting standard, Accounts payable, Accounts receivable, Accrual, Ananias Charles Littleton, Asset, Bad debt, Current asset, Depreciation, Double-entry bookkeeping system, Equity (finance), Expense, Financial transaction, General ledger, Honorarium, Income, Indentation (typesetting), International Financial Reporting Standards, Journal, Ledger, Liability (financial accounting), Loan, Luca Pacioli, Renaissance, Renting, Retained earnings, Salary, Summa de arithmetica, Trial balance, Value (economics).

Account (bookkeeping)

An account (in book-keeping) refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries.

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An accountant is a practitioner of accounting or accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resource(s).

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Accounting equation

The basic accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a business.

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Accounting standard

Financial statements prepared and presented by a company typically follow an external standard that specifically guides their preparation.

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Accounts payable

Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet.

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Accounts receivable

Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for.

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Accrual (accumulation) of something is, in finance, the adding together of interest or different investments over a period of time.

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Ananias Charles Littleton

Ananias Charles (A. C.) Littleton (December 4, 1886 – January 13, 1974) was an American accounting scholar and professor of accounting at the University of Illinois.

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In financial accounting, an asset is an economic resource.

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Bad debt

A bad debt is a monetary amount owed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collect because of various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency.

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Current asset

In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle (whichever period is longer).

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In accountancy, depreciation refers to two aspects of the same concept.

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Double-entry bookkeeping system

Double-entry bookkeeping, in accounting, is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account.

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Equity (finance)

In accounting, equity (or owner's equity) is the difference between the value of the assets and the value of the liabilities of something owned.

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In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs.

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Financial transaction

A financial transaction is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment.

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General ledger

A general ledger contains all the accounts for recording transactions relating to a company's assets, liabilities, owners' equity, revenue, and expenses.

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An honorarium is an ex gratia payment (i.e., a payment made, without the giver recognizing themself as having any liability or legal obligation, to a person for his or her services in a volunteer capacity or for services for which fees are not traditionally required).

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Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

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Indentation (typesetting)

In the written form of many languages, an indentation is an empty space at the beginning of a line to signal the start of a new paragraph.

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International Financial Reporting Standards

International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

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A journal (through French from Latin diurnalis, daily) has several related meanings.

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A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.

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Liability (financial accounting)

In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

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In finance, a loan is the lending of money by one or more individuals, organizations, and/or other entities to other individuals, organizations etc.

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Luca Pacioli

Fra Luca Bartolomeo de Pacioli (sometimes Paccioli or Paciolo; 1447–1517) was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and a seminal contributor to the field now known as accounting.

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The Renaissance is a period in European history, covering the span between the 14th and 17th centuries.

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Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another.

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Retained earnings

The retained earnings of a corporation is the accumulated net income of the corporation that is retained by the corporation at a particular point of time, such as at the end of the reporting period.

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A salary is a form of payment from an employer to an employee, which may be specified in an employment contract.

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Summa de arithmetica

Summa de arithmetica, geometria, proportioni et proportionalita (Summary of arithmetic, geometry, proportions and proportionality) is a book on mathematics written by Luca Pacioli and first published in 1494.

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Trial balance

A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business.

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Value (economics)

Economic value is a measure of the benefit provided by a good or service to an economic agent.

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[1] https://en.wikipedia.org/wiki/Debits_and_credits

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