Credit

1.  Accounting :  An entry on the right hand – side of an account record in double – entry bookkeeping. It has the effect of decreasing an assets or expense account, or of increasing a capital, liability, or revenue account.

2.  Banking : Purchasing power created by banks through lending based on fractional reserve system.

3.  Commerce : An agreement based largely on trust under which goods, services, or money is exchanged against a promise to pay later. This is also known as Commercial Credit.

4.  Short form of the term Letter of Credit.

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