Difference between revisions of "Credit"
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==Definitions== | ==Definitions== | ||
According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | ||
| − | :[[Credit]]. | + | :[[Credit]]. The right-hand side of any [[financial account|account]]. A number entered on the right side of any account is said to be credited to an [[financial account|account]]. |
==Related concepts== | ==Related concepts== | ||
Revision as of 14:47, 15 December 2018
Credit (alternatively known as credit entry and commonly abbreviated Cr because of Latin credere). Any entry into financial books that either increases equity-origin accounts or decreases asset-origin accounts. Any journal entry contains at least one credit entry.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Credit. The right-hand side of any account. A number entered on the right side of any account is said to be credited to an account.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
