A term used in accounting to describe either an entry on the righthand side of an account or the process of making such an entry. A credit records the increases in liabilities, owners' EQUITY, and revenues as well as the decreases in assets and expenses.
A sum in taxation that is subtracted from the computed tax, as opposed to a deduction that is ordinarily subtracted from gross income to determine adjusted gross income or taxable income. A claim for a particular sum of money.
The...
Source: West's Encyclopedia of American Law, ©2005 Gale Cengage. All Rights Reserved. Full copyright.
(The entire page is 1122 words.)
Want to read the whole thing?
Subscribe now to read the rest of this article. Plus, get access to:
- 30,000+ literature study guides
- Critical essays on more than 30,000 works of literature from Salem on Literature (exclusive to eNotes)
- An unparalleled literary criticism section. 40,000 full-length or excerpted essays.
- Content from leading academic publishers, all easily citable with our "Cite this page" button.
- 100% satisfaction guarantee READ MORE
