Senior Accountant Question:
Explain me what does the abbreviation dr mean in accounting?
Answer:
‘Dr’ means Debere in Latin stands for ‘what comes in’ or in simple words whatever assets the business owns or the expenses it has to pay comes under debit.
While ‘cr’ means credere in Latin means ‘what goes out’, in simple words whatever liabilities business owns, or the income it earned during the year comes under credit.
While ‘cr’ means credere in Latin means ‘what goes out’, in simple words whatever liabilities business owns, or the income it earned during the year comes under credit.
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