Nature of Accounts and Rules of Debit and Credit: Definition and Explanation: The term “account (a/c)” is a record in summarized and classified form of all business transactions that take place between particular person or persons thing or things specified. The principle benefit from
Debit and Credit
Debit and credit are the terms used in accounting for the accounts involved in transaction. Accounts debit or credit according to the nature of transaction. When asset decrease it debit and liability decrease it get also debit and vice versa.