Infotel Executive Accountant Interview Questions and Answers

Debit is an accounting term that represents an entry on the left side of a ledger account, indicating an increase in assets or a decrease in liabilities or equity.

• Debit is used to record increases in assets, such as cash, inventory, or accounts receivable.

• It can also be used to record decreases in liabilities, such as accounts payable or loans payable.

• Debit entries are typically recorded on the left side of a ledger ac...read more

Credit sale refers to a transaction where goods or services are sold on credit, allowing the buyer to pay at a later date.

• Credit sale involves selling goods or services without receiving immediate payment.

• The buyer is given a certain period of time to make the payment, usually with interest.

• Credit sales are common in business-to-business transactions and retail purchases.

• Examples include buying furniture on installment