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Debit and Credits

DIPS6369DIPS6369 Settling In NicelyRegistered Posts: 17
Dear All Foundation and Intermediate Students

When I did my NVQ Foundation Level and Intermediate Level, I had come across the following Termanology to remember what to debit and what to credit

The Term was DEAD CLIC

D = DEBIT
E - Expenses
A - Assets
D - Drawing


C = CREDIT
L - Liability
I - Income
C - Capital

I hope this helps

Comments

  • janwaljanwal Experienced Mentor Registered Posts: 1,189
    We also uesd
    PEARLS

    P = PURCHASES R = REVENUE
    A = ASSETS L = LIABILITIES
    E = EXPENSES S = SALES
  • kelly2011kelly2011 New Member Registered Posts: 6
    These both have helped me! Got my Basic Accounting 1 and 2 exams next week and the week after and I'm worried as hell! Any more tips for me?
  • janwaljanwal Experienced Mentor Registered Posts: 1,189
    Hi Kelly

    Basic Accounting I was very similar to the practice test, learn your basic double entry, petty cash and trial balance and your half way there.
    Not sure about BAII got that on the 20th hoping that not too different to practice as I did that today and passed.

    Good luck with them both.

    Jan
  • JasonTurboJasonTurbo Feels At Home Registered Posts: 27
    Thanks for the DEAD CLIC advise, just started going through my BA1 and it starts to all make sense when using this acronym :)
  • uknittyuknitty Experienced Mentor Registered Posts: 591
    I'm a fan of PEARLS myself :D
  • janwaljanwal Experienced Mentor Registered Posts: 1,189
    uknitty wrote: »
    I'm a fan of PEARLS myself :D
    Me too find it makes more sense and especially in level 3
  • Sulew17Sulew17 Well-Known Registered Posts: 174
    janwal wrote: »
    Me too find it makes more sense and especially in level 3

    Would definitely agree with that. Pearls for me everytime!
  • JasonTurboJasonTurbo Feels At Home Registered Posts: 27
    janwal wrote: »
    Me too find it makes more sense and especially in level 3
    I'll wait until level 3 for PEARLS, my brain can only digest so much at a time LOL :001_tt2:
  • anisurrahmananisurrahman Well-Known Registered Posts: 130
    Hi Jason

    I have attached a T-account poster (pdf file) Debit Credit explanation....

    Enjoy :)

    Ronnie
  • GemmaSGemmaS Well-Known Registered Posts: 178
    I've just found thus video on YouTube which has helped me a lot when trying to figure out debits and credits :-D

    http://www.youtube.com/watch?v=99LTqkxzBpA&feature=youtube_gdata_player
  • Netherwood26Netherwood26 Feels At Home Registered Posts: 78
    Some very useful info cheers
  • stevefstevef Well-Known CarmarthenRegistered Posts: 258
    The most unhelpful piece of advise I was once offered in this area to assist in exams was:

    "Just remember, debits are on the side nearest the window and you'll be ok - if there is no window, you are in real trouble".
  • Louise89Louise89 Trusted Regular England, UKMAAT Posts: 296
    stevef wrote: »
    The most unhelpful piece of advise I was once offered in this area to assist in exams was:

    "Just remember, debits are on the side nearest the window and you'll be ok - if there is no window, you are in real trouble".

    That sounds just as helpful as a broken neck! Who on earth told you that?! Not a tutor I hope!
  • stevefstevef Well-Known CarmarthenRegistered Posts: 258
    And as useful as a chocolate tea pot or an ash tray on a motorbike. I was given that magic piece of wisdom many, many years ago (about the time double entry book keeping was invented) when I was a very green trainee by a balance sheet worn veteran in local government who was my mentor.
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