Two related terms are "equity" and "liability." Equity is what is left over after subtracting all assets, and liability is how much is owed to other parties.X Research source Debits and credits balance each other out -if a debit is added to one account, then a credit must be added to the an opposite account. This article has been viewed 1,548,992 times.įamiliarize yourself with the meaning of "debit" and "credit." In bookkeeping, the words "debit" and "credit" have very distinct meanings and a close relationship. This article received 23 testimonials and 100% of readers who voted found it helpful, earning it our reader-approved status. WikiHow marks an article as reader-approved once it receives enough positive feedback. There are 8 references cited in this article, which can be found at the bottom of the page.
#DEBIT CREDIT SERIES#
Ara has a BS in Accounting and Finance from San Francisco State University, is a Commissioned Bank Examiner through the Federal Reserve Board of Governors, holds the Chartered Financial Analyst designation, is a Certified Financial Planner™ practitioner, has a Certified Public Accountant license, is an Enrolled Agent, and holds the Series 65 license. Department of the Treasury, and the Ministry of Finance and Economy in the Republic of Armenia. He has previously worked with the Federal Reserve Bank of San Francisco, the U.S. With over 26 years of experience in the financial industry, Ara founded ACap Asset Management in 2009. Ara Oghoorian is a Certified Financial Accountant (CFA), Certified Financial Planner (CFP), a Certified Public Accountant (CPA), and the Founder of ACap Advisors & Accountants, a boutique wealth management and full-service accounting firm based in Los Angeles, California. This article was co-authored by Ara Oghoorian, CPA.
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