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waldziuchna

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tT
发表于 2013-4-12 01:20 | 只看该作者

can i just comfirm this about credit/debit in accounting?

anything, different, accounting, touch
we dont need to know how to use the term credit/debit in different accounting context for the purpose of CFA level I exam. At least thats what the cirriculum says, but in the video, they did briefly touch upon it. i dont know anything about it, i hope its going to be fine for the exam.
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edgeon

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2#
发表于 2013-4-12 01:24 | 只看该作者
Which video are you talking about?

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ishfaque

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3#
发表于 2013-4-12 01:29 | 只看该作者
Debits are on the left, credits are on the right. From a bookkeeping standpoint, this rule NEVER changes.

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xilinx_altera

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4#
发表于 2013-4-12 01:33 | 只看该作者
the video i wam watching schweser video CD6 2009 part2, it talks about how debit an asset means increase an asset and debit an expense increases expense, vice versa for credit. i know i wont remember it on the exam day, i hope its fine, yeh?

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maratikus

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5#
发表于 2013-4-12 01:37 | 只看该作者
Not, it’s not.
It’s not about increasing or decreasing. It’s about movements to the right or left of zero. In other words, you have to look at it in terms of the trial balance to view it correctly.
Here’s the fallacy in the video you reference. Accumulated depreciation is an asset account, and yet a debit to that account decreases the balance.
Is a debit a good thing? If you’re debiting cash, it probably is. If you’re debiting and expense, it might not be. Conversely, a credit isn’t necessarily a bad thing. Yes, a credit to cash is a reduction in the asset, while a credit to sales is a good thing.
You have to move beyond all this to see it from the trial balance perspective, and it starts to make sense.
I know – I’m an accountant.

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ayodayo

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6#
发表于 2013-4-12 01:41 | 只看该作者
Accumulated depreciation is a contraasset account, it’s used for proper valuation of real assets; it’s the same for the allowance for doubtful accounts (receivables valuation). Debits and credits are about increasing and decreasing a given account. I think you should know how a debit or credit affects certain accounts.
Think of it this way: Debits on the left, Credits on the right.
Assets=Liabilities + Equity
Debits increase the left side of this equation. Credits increase the right side (debits on left, credits on right). Vice versa for decreases.

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d2rockstar

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7#
发表于 2013-4-12 01:46 | 只看该作者
You don’t really NEED to know debits and credits. What you DO NEED to know is how the components of the accounting equation (assets, liabilities, and equity) change and how the various accounts that form these components change (increase/ decrease) as a result of a given transaction.
If you must know about debits and credits here are the rules:
Increase in asset/expense = Debit
Increase in liabilities, capital, income = Credit
Decrease in asset/expense = Credit
Decrease in liabilities, capital, income = Debit

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kmf229

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8#
发表于 2013-4-12 01:50 | 只看该作者
yes beatthecfa, thats how they teach at school
There are “only three” types of accounts  personal , real and nominal. and there are “only three rules” of dr/cr as follows:
1.Personal account: (include individuals and organisations)
dr the reciever
cr the giver
2. Nominal Account include exps & income)
dr the exps
cr the income
3. Real Account inlcudes Assets)
dr what comes in
cr what goes out
lzen5, hope u can remember the three rules. Y to take any chances in CFA exams?

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SeanWest

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9#
发表于 2013-4-12 01:54 | 只看该作者
Listen up everyone.
Debits are left, and Credits are right. Learn to visualize the effect of a debit or a credit on a trial balance and you’ve got it nailed. All the rest of this stuff will just confuse you on the exam.

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