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The DOUBLE ENTRY PRINCIPLE.
Asset/Expense increase is debit
Asset/Expense decrease is credit.
Capital/Revenue increase is credit
Capital/Revenue decrease is debit
Liability increase is credit
Liability decrease is debit.
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😊Phifi💛🤍@heyitsphifi
Let me just say what I think, Accounting teachers, please stop this Debit the giver Credit the giver thing, it is very misleading especially when you go ahead to solve other complex account. Nigerian Textbook should have something called DOUBLE ENTRY PRINCIPLE as a topic.
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