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Q: How do classifying transactions using the rules of debit and credit relate to the practice of accounting and its uses in business?
A: Debits and credits are a system of notation used in bookkeeping to determine how to record any financial transaction. [ In financial accounting or bookkeeping, "Dr" (Debit) means left side of a ledger account and "Cr" (Credit) is the right side of a ledger account.[1] To determine whether one must debit or credit a specific account we use the modern accounting equation approach which consists
of five accounting elements or rules.[2] An alternative to this approach is to make use of the traditional three rules of accounting for: Real accounts, Personal accounts, and Nominal accounts to determine whether to debit or credit an account.[3] ]
Expert answered|cham718|Points 547|
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Asked 8/26/2012 7:08:48 PM
Updated 8/26/2012 8:19:42 PM
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