Question and answer
How do classifying transactions using the rules of debit and credit relate to the practice of accounting and its uses in business?
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|
Question
Asked 8/26/2012 7:08:48 PM
Updated 8/26/2012 8:19:42 PM
1 Answer/Comment
Get an answer
New answers
Rating

There are no new answers.

Comments
Please provide the link when copying and pasting large blocks of text to show your source.
Added 8/26/2012 8:19:42 PM
Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
How do classifying transactions using the rules of debit and credit relate to the practice of accounting and its uses in business?
Weegy: 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. ] (More)
Question
Expert Answered
Asked 8/26/2012 6:59:21 PM
0 Answers/Comments
How do classifying transactions using the rules of debit and credit relate to the practice of accounting and its uses in business?
Weegy: 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. ] (More)
Question
Expert Answered
Asked 8/26/2012 7:19:11 PM
0 Answers/Comments
23,942,522 questions answered
Popular Conversations
A loan has a due date of December 20. If it is made on September 19, ...
Weegy: for 90 days is the loan
2/13/2016 12:59:05 AM| 1 Answers
A loan has a due date of December 20. If it is made on September 19, ...
Weegy: for 90 days is the loan
2/13/2016 12:59:18 AM| 1 Answers
"I want to be funny," he told me, "so I'll start by saying how ...
Weegy: b. He does not want to insult the organization or anyone else who has received this award User: In the ...
2/13/2016 2:37:47 AM| 1 Answers
Weegy Stuff
S
Points 417 [Total 814] Ratings 0 Comments 417 Invitations 0 Offline
S
P
P
L
Points 287 [Total 1094] Ratings 0 Comments 287 Invitations 0 Online
S
1
L
L
P
R
P
L
P
Points 125 [Total 11298] Ratings 0 Comments 125 Invitations 0 Offline
S
L
P
Points 111 [Total 2179] Ratings 0 Comments 111 Invitations 0 Offline
S
Points 111 [Total 121] Ratings 0 Comments 111 Invitations 0 Offline
S
Points 4 [Total 904] Ratings 0 Comments 4 Invitations 0 Offline
S
Points 2 [Total 5] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 2] Ratings 0 Comments 1 Invitations 0 Offline
S
R
Points 1 [Total 196] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)