By creating an account, you agree to our terms of service.
I guess that must be abstruse and hard to be known by most laymen . I just learned one word "credit" .
"That bank credited me 50,000 for my new house last month " .
I don't know if this will help or if you will understand (i assume the account numbers are the same) but:
opposite of credit = debit.
1 account = Asset (Things you have)
2 Account = Liability (What you owe)
3 Account = Equity
4 Account = Income (Money income/comes in)
5 Account = Cost of Sales
6 Account = Expenses (What you spend)
"Profit and Loss" (or p + l) = Income - Expenditure - the 4 + 6 accounts
"Balance Sheet" = assets/liabilities/equity (1,2,5 accounts)
Debtors: People who owe you money
Creditors: People Who you owe money to.
I am not an accountant, but I do bookkeeping/ accounts work. Let me know if you understand or have any questions
Accounting English? You mean English accounting terms? I am a professional accountant. If you'd like, I can probably help you. But I'm not sure what you are trying to learn.
It is my pleasuer to learn it with you .I do not mean the English Accounting.