Bookkeeping, Credit

May 19th, 2015
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California State University - Bakersfield
Course: general
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Systematic recording of financial aspects of business transactions in appropriate books of account. An entry on the right-hand side of an account record in double entry bookkeeping. Credit It has the effect of decreasing an asset or expense account, or of increasing a capital, liability, or revenue account. See also debit.

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AccountingIt is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the resources available to a firm.BookkeepingSystematicrecordingoffinancialaspects ofbusiness transactionsin appropriatebooks of account.Business transactionAn economiceventthat initiates theaccounting processofrecordingit in acompany'sac

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