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In order to determine it, records are kept of all changes in assets and liabilities. Instead there are auxiliary accounts of Equity: These accounts are not part of the balance sheet, but transactions are booked for them. Expenses are entered as debit, because eventually, they will reduce equity.
Equity is on the credit side, so a reduction of equity is debit. Revenues are entered as credit, because eventually they will enlarge equity.
Equity is on the credit side, so enlarging it is credit. The balance of revenues and expenses is the profit.
At the end of the booking year this is visible on the income statement profit and loss statement. It is over year old. Yet, it is still the basis of every modern accounting system. Further reading about the history of accounting:. The German words for debit and credit are: View forum View forum without registering on UserVoice.
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Term search Jobs Translators Clients Forums. Term search All of ProZ. German term or phrase: Peggy Maeyer KudoZ activity Questions: Cr and Dr are the standard English abbreviations.
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