FRA Debits & Credits (DEAD CLIC)

Sazpots
Sazpots Registered Posts: 3 New contributor ?
Hi
Good luck to anyone doing the FRA exam on Wednesday.

Saw this and thought it was quite a helpful reminder. It's on the e-learning revision slides( http://www.aat.org.uk/elearning/rt_unit5_fra/ )

DEAD CLIC

To increase an account you:

Debit
Expenses
Assets
Drawings

Credit
Liabilities
Income
Capital

Comments

  • embica
    embica Registered Posts: 19 Dedicated contributor ? ? ?
    Don't know if this will help: we learnt CLIP:

    Capital
    Liability
    Income
    Provision

    And they are Credits as the first word starts with the C
  • any2002uk
    any2002uk Registered Posts: 88 ? ? ?
    fantastic idea! your idea is better than AAT. But they use opposit Debit=Credit i don;t know why they mix it up.
  • any2002uk
    any2002uk Registered Posts: 88 ? ? ?
    P? provision is it same as capital?
  • embica
    embica Registered Posts: 19 Dedicated contributor ? ? ?
    Provision isn't the same as capital

    Capital is what is owed back to a business' owner - eg - money invested to start the business - a vehicle that the ower "donated" for business purposes

    Provision is where something is expected to happen - eg provion for bad debts... it's like trying to work out what is going to be in the bad debt account before it really happens.

    I hope that makes sense :) If not there is lots about it in the text books
  • any2002uk
    any2002uk Registered Posts: 88 ? ? ?
    how did you add the smile emotion? i got the remove text
    bold,
    italic
    underline
    colour
    insert link
    insert picture
    quote

    but no list of emotions please pm me
  • square-peg
    square-peg Registered Posts: 143 ? ? ?
    use 'go advanced' rather than 'quick reply', and you'll get the options you want. :wink:
  • any2002uk
    any2002uk Registered Posts: 88 ? ? ?
    thank you

    :thumbup1:hi

    thank you

    today i learnt how to add emotion on AAT forum!:thumbup:
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