06-27-2007, 02:34 PM
mstcrow5429 Wrote:So debits are an increase in amount, and credits are a decrease in amount?
Also curious as to how such illogical terminology came to be.
mstcrow,
Be careful here! Not ALL transactions are the same.
As you study the basic concepts of accounting you will realise that an increase on the assets side of the accounting equation is a debit, and an increase on the liabilities side is a credit. This is always the case, except for contra accounts which you will learn about at some point.
Best of luck,
Snazzlefrag
My name is Rob
_____________________________________
Exams/Courses Passed (43):
- Courses (4): 1 Excelsior, 1 CSU-Pueblo, 2 Penn Foster.
- Exams (39): 24 DSST, 15 CLEP.
Total Credits: 142 (12 not used).
[SIZE=1]GPA: 4.0
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_____________________________________
Exams/Courses Passed (43):
- Courses (4): 1 Excelsior, 1 CSU-Pueblo, 2 Penn Foster.
- Exams (39): 24 DSST, 15 CLEP.
Total Credits: 142 (12 not used).
[SIZE=1]GPA: 4.0
[/SIZE]
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