An offtopic question about business english.

  • Thread starter Thread starter serdar
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serdar

What is the proper/formal words used for debt-credit?
I am using these for column names in the "accountancy table" of the firm.
(plus what do we call this "accountancy table" of a firm which keeps record
of "money actions" (here is another improper translation maybe:)

Sorry for irrelavency of the thread.
 
Perhaps you should find a Business 100 text.
Debit : money going out
Credit : money coming in
Asset : can be money owed to you (a customer's unpaid bill)
Liability : money you owe to someone else (unpaid debt)
The movement of cash in and out is often called 'financial transactions'
 
Thanks.
Perhaps you should find a Business 100 text.
Debit : money going out
Credit : money coming in
Click to expand...

...which means i can use "debt" and "credit" for column names of a table
showing financial transactions between my firm and various banks (what do we
call such a table?). Or should i use Asset/Liability instead? What is the
conventional approach?

Any suggestions of websites about business terms?
 
Debit and credit, not debt and credit.

Assets and liabilities are not just the financial transactions, they can
relate to material items, such as a building (an asset) or a mortgage ( a
liability).

--

HTH

RP
(remove nothere from the email address if mailing direct)
 
thank you, that helped.

haber iletisinde þunlarý said:
Debit and credit, not debt and credit.

Assets and liabilities are not just the financial transactions, they can
relate to material items, such as a building (an asset) or a mortgage ( a
liability).

--

HTH

RP
(remove nothere from the email address if mailing direct)


do
Click to expand...
 
Oops:

In your own books, a debit entry in the cash account is money coming in.

I think you are making the common mistake of relating your bank account
statement to the meaning of debit and credit. When you get your bank
statement you are seeing a copy of your account in THEIR books. So in terms
of their accounts, money you deposit is debited to the cash account and
credited to your account. this means that a credit balance on your account
is money they owe.

You get it right further down the list. Remember that a debit is an asset
and a credit is a liability. Therefore, as you rightly say, a liability is
money you owe to someone else, which will be a credit entry or balance on
that person's account. The double entry is the debit in the cash account.
When you pay that person their money the entries are: debit their account
(to clear the outstanding amount) and credit the cash account (money going
out, which you owe them).
 
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