Question

Define credit.अजीत अरोड़ा ​

Answer 1

Explanation:

This term is broad with many different meanings in the financial world. Credit is generally defined as a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date—generally with interest. Sometimes, it may even involve crediting a 401(k), for instance.

Credit also refers to the creditworthiness or credit history of an individual or company. It also refers to an accounting entry that either decreases assets or increases liabilities and equity on a company's balance sheet.