Credit Definition

Credit is an accounting entry that causes a decrease in assets or an increase in liabilities on the balance sheet. Credits are one side of a journal entry, with the other side being a debit or debits.

Recent Articles

What’s New?: IFRS Updates for 2023

What’s New?: IFRS Updates for 2023

Summary provided by MaterialAccounting.com: This article provides key updates from the IFRS.   It is officially summer and a time for well-deserved vacations. This time of year, when most people hear the word “international”, they think of exciting vacation...

What Nonprofits Need to Know About ASC 842

What Nonprofits Need to Know About ASC 842

Summary provided by MaterialAccounting: Nonprofits transitioning to ASC 842 can read this article from LeaseQuery to get the tricks and tips they need for implementation.  ASC 842 at a glance ASC 842 is the new FASB lease accounting standard. It governs how entities...

Time-consuming government-reporting requirements on the horizon

Time-consuming government-reporting requirements on the horizon

Summary provided by MaterialAccounting.com: This article discusses upcoming changes to the financial reporting requirements under GASB.  --- The pace of issuance and implementation of new Governmental Accounting Standards Board statements continues to accelerate. Not...

Exploring the Differences Between IFRS and GAAP

Exploring the Differences Between IFRS and GAAP

Summary provided by MaterialAccounting: This article compares and contrasts IFRS and GAAP, including examples.  -- The world of financial reporting operates on two major frameworks. These include International Financial Reporting Standards (IFRS) and Generally...

Will AI be the End for Accountants?

Will AI be the End for Accountants?

Summary provided by MaterialAccounting.com: This article provides insights into the way accountants are reacting to the rise of artificial intelligence.  Will artificial intelligence (AI) replace accountants? As someone who’s worked in, and has been trying to get out...