Examlex
Substep 3 of Step 1 in PREPARE is:
Credits
In accounting, credits are entries that decrease assets or increase liabilities and equity on a company's balance sheet, corresponding to the double-entry bookkeeping system.
Debits
Entries made on the left-hand side of an account record in double-entry bookkeeping, indicating increases in assets or expense accounts, or decreases in liabilities, equity, or revenue accounts.
Account Balance
The amount of money present in a financial account at any given moment, which can be positive (credits) or negative (debits).
Chart of Accounts
An organized list of all the accounts in a company's general ledger, used for recording and reporting financial transactions.
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