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Thread: MGT101 Financial Accounting GDB No. 01 Solution Close on May 05, 2014.

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    MGT101 Financial Accounting GDB No. 01 Solution Close on May 05, 2014.

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    This is to inform that Graded Discussion Board (GDB) No. 01 will be opened on April 25, 2014 for discussion and last date for posting your discussion will be May 05, 2014.

    Topic/Area for Discussion

    “Rules for Debiting & Crediting”

    This Graded Discussion Board will cover first 06 lessons.



    For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mode.

    Important Instructions:

    Your discussion must be based on logical facts.
    The GDB will open and close on above specified date and time. Please note that no grace day or extra time will be given for posting comments on GDB.
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    Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
    Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
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    You cannot participate in the discussion after the due date via email.
    Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
    For planning your semester activities in an organized manner, you are advised to view schedule of upcoming Assignments, Quizzes and GDBs in the overview tab of the course website on VU-LMS.


  2. #2
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    Debits and Credits

    Credit and debit are the two fundamental aspects of every financial transaction in the double-entry bookkeeping system.

    KEY POINTS

    The English words credit and debit come from the Latin words credre and debere, respectively. Credre means "to entrust," and debere means "to owe".
    In financial accounting or bookkeeping, "Dr" (Debit) indicates the left side of a ledger account and "Cr" (Credit) indicates the right.
    The rule that total debits equal total credits applies when all accounts are totaled.
    An increase (+) to an asset account is a debit. An increase (+) to a liability account is a credit.
    Conversely, a decrease (-) to an asset account is a credit. A decrease (-) to a liability account is a debit.
    It is important for us to consider perspective when attempting to understand the concepts of debits and credits.

    credit
    an entry in the right hand column of an account; credits increase liability, income, and equity accounts and decrease asset and expense accounts
    debit
    an entry in the left hand column of an account to record a debt; debits increase asset and expense accounts and decrease liability, income, and equity accounts

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