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MEANING OF ACCOUNTING

“ACCOUNTING” terminology means, anyone can understand about account of a concern for a particular period. But one thing must be come to the mind, that different process must be follow in the accounting method in order to conclude result. These processes are Journal, Ledger, cash book, Trial balance & Balance sheet and also many more.

Meaning: Accounting is the art of recording the data, classifying, summarising & interpreting the result, lastly providing the final report to the organisation. Accounts presentation are always present in the “T” form as follows.

DEBIT SIDE CREDIT SIDE
DATE PARTICULARS AMOUNT DATE PARTICULARS AMOUNT

Meaning of Debit & Credit - There is no specific meaning of debit & credit. In simple term left side of an account is known as “Debit” and right side of an account is known as “credit”. The debit & credit term is used in business accounting system from begin to end. The abbreviation used for Debit is “Dr” and Credit is “Cr”.

It is also remembered that when one portion is debit, its opposite must be credit and vice versa. e.g when a business concern deal with purchase, mean while opposite business concern maintain sales. So one concern fall under debit & opposite concern fall under credit.

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