Debit and Credit - Learning Accounting Basics

Unfortunatley what we just clarified about why the terms debit and credit are so important in the accounting world debit and credit, have to be unlearned quickly. Why is that? in accounting, the term debit is used to describe a bank account and that money owed are actually credit accounts the exact opposite of what weve been taught elsewhere.

In accounting terms, neither credits nor debits are bad, but they need to equal each other in order to balance themselves out in the end. Every itemized transaction, no matter if its a deposit or a bill to be paid has both a debit and credit posted in the accounting world. This is what is called double-entry accounting so when you go to the bank, and the teller says, I am crediting your account X amount of dollars,

About The Author Tony Forster site owner of Payday Loan

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