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interest is debited

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › interest is debited

  • This topic has 3 replies, 2 voices, and was last updated 2 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • September 4, 2022 at 1:46 am #665055
    Anonymous
    Inactive
    • Topics: 28
    • Replies: 15
    • ☆

    Apology to ask this after watching ur video but i really needed to know this.

    Is it correct that:

    1) If the interest account is debited then it means that there is an expense. BUT if the interest account is credited then there is an income.

    2) If the capital account is debited then there is reduction in capital. BUT if it is credited then there is more capital.

    3) If an asset account is debited then there is more assets. But if it is credited then there is reduction in assets.

    4) IF an expense account is debited then there is more expenses. BUT if it is credited then there is reduction in expenses.

    5) IF an income account is debited then there is reduction in incomes. BUT if it is credited then there is more income.

    6) If a drawing account is debited then there is reduction in capital. BUT if it is credited then there is more capital.

    7) It depends on the account of the item what does debit or credit mean.

    Thanks!

    September 4, 2022 at 8:22 am #665084
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    All are correct 🙂

    September 4, 2022 at 10:18 pm #665170
    Anonymous
    Inactive
    • Topics: 28
    • Replies: 15
    • ☆

    Thanks for your answer. It was really helpful. Please tell me one more thing that…

    Is it correct that there are (6) accounts in accounting and eveything is categorised into them such as:

    1) Asset accounts
    2) Expense accounts
    3) Drawing accounts
    4) Revenue accounts
    5) Equity accounts
    6) Liabilities accounts

    These accounts are used to record ALL the double entries in accounting (right?)

    September 5, 2022 at 9:27 am #665204
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    They are types of accounts, but there are many accounts that could exist under each category.

    You write that you have watched ‘my video’. but it seems that you have not watched all of them, and all of them are needed to be able to pass Paper FA.

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