"When you know they type of account being debited or credited you can reason about how it affects the balance of the account and the managerial context of the transaction"
This is true, but it doesn't negate my point (that debit and credit have meaning independent of the type of account).
I know this because I have used the principle many times in practice, to define charts of accounts, to define rules for posting different types of transactions etc.
This is true, but it doesn't negate my point (that debit and credit have meaning independent of the type of account).
I know this because I have used the principle many times in practice, to define charts of accounts, to define rules for posting different types of transactions etc.