Debits and credits system

/Debits and credits system

Debits and credits system

Debits and credits system: The accounting system increases and decreases account balances with a debit or credit (also known as double entry accounting)

  • The system helps users understand the significance of the transaction
  • Sum of debits always equal sum of all credits
  • Debits and credits combined form financial statements
  • Transactions are all accounted for

M_2F_Debits_and_credits_system

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By | 2018-01-22T10:24:13+00:00 August 13th, 2015|0 Comments

About the Author:

John Gillingham is a CPA and Accounting App Developer in San Francisco, California. Check the iOS App Store for Accounting Flashcards and the Debits & Credits Game. On Android: Learn Accounting Flashcards. Also on Kindle and iBooks.

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