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What is Understanding Debits and Credits in Accounting about?

Debits and credits are the fundamental method used in accounting to record business transactions and track assets and liabilities. Debits increase assets and decrease liabilities and equity, while credits decrease assets and increase liabilities and equity. When recording entries, debits are always listed first with the credited account listed second, and for every debit there must be an equal credit to maintain the balance.

Author

Arbab Usman Khan

Language

EN