Credit

Credit

As an accounting term, credit means a bookkeeping entry on the right side of an account recording the reduction or elimination of an asset or an expense, or the creation of or addition to a liability or item of capital or revenue.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Financial services
Category: Real estate investment
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Related terms

credits

Restaurants; Misc restaurant

An amount that is due back to a restaurant from the vendor for a mispicked, damaged or out of date product.

credits

Retail; Supermarkets

Outdated, damaged, or unsalable merchandise where a refund can be obtained from another source.

credit

Financial services; Real estate investment

As an accounting term, credit means a bookkeeping entry on the right side of an account recording the reduction or elimination of an asset or an expense, or the creation of or ...

credit

Banking; Investment banking

Also: loan. Legal operation by which the creditor transfers money to the borrower which he/she must repay at the end of the term, when called or in instalments. Loans must be ...

credit

Professional careers; Sales

The allowance of time in which to pay for a purchase.

credit

Education; Colleges & universities

Every course in a university is accorded a credit value, anywhere from 1 to 5 credits. A student will earn a degree upon completing the pre-requisite credits and fulfill all other ...

accelerated cost recovery system (ACRS)

Financial services; Real estate investment

Before 1981, assets used for the production of income were depreciable if they were subject to wear and tear or decline due to natural causes or obsolescence. Assets that did not ...

accelerated depreciation

Financial services; Real estate investment

Accelerated depreciation is a method of depreciation in which larger deductions are taken earlier in the life of the asset than with the straight-line method. Examples include the ...

account

Financial services; Real estate investment

An account is a written record of a business transaction expressed in money and kept in a ledger.

accounting principles

Financial services; Real estate investment

Accounting principles refer to an accounting doctrine that explains current practices and is a guide for the selection of accounting conventions or procedures when alternatives ...

accrued depreciation

Financial services; Real estate investment

Accrued depreciation is the difference between the cost of replacing new property and the present market value of the property.

active income

Financial services; Real estate investment

Active income is all taxable income of a taxpayer except income from a passive activity and portfolio income. Passive activity is something in which the taxpayer does not actively ...

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