Lesson 4:: Rules of Debit and Credit

Rules of Debit and Credit

Caption: The rules of debit and credit are fundamental principles of double-entry accounting. Assets are debited to increase them and credited to decrease them, while liabilities are debited to decrease them and credited to increase them. Equity is debited to decrease it and credited to increase it. Revenues are debited to decrease them and credited to increase them, while expenses are debited to increase them and credited to decrease them. These rules help maintain the balance in the accounting equation and ensure accurate financial statements.

Keywords: Rules of debit and credit, Double-entry accounting, Assets, Liabilities, Equity, Revenues, Expenses, Debit, Credit, Financial transactions, Accounting equation, Balance sheet, Financial statements

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