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#cfa-level-1 #reading-23-financial-reporting-mechanics
The left-hand side of the T-account is called a “debit,” and the right-hand side is termed a “credit.”
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APPENDIX 23: A DEBIT/CREDIT ACCOUNTING SYSTEM
e numbers (which could lead to errors in recording). The system can be illustrated with T-accounts for every account involved in recording transactions. The T-account is so named for its shape: T-Account Debit Credit <span>The left-hand side of the T-account is called a “debit,” and the right-hand side is termed a “credit.” The names should not be construed as denoting value. A debit is not better than a credit and vice versa. Debit simply means the left side of the T-account, and credit simply means the r


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