The sum of the increases in an account is usually equal to or greater than the sum of the decreases in the account. Thus, the normal balance of an account is either a debit or credit depending on whether increases in the account are recorded as debits or credits.
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A business concern is separate and distinct from its owner, irrespective of the nature of…
In Accounting, the term ‘transaction‘refers to any event which is measurable in the terms of money and which changes the financial position of the business concern.
It is for the same reason capital is presented on the liabilities side of the balance sheet. But, though capital is entered on the liabilities side of the balance sheet, it is distinct from liabilities
Attributes of accounting are self-mentioned in the meaning & the definitions of accounting and can be seen as stages of accounting cycle. Read more details.
Bookkeeping explained in detail. It is recording, analyzing and interpreting the financial data relating to business operations in a significant and orderly manner.
Main branches of accounting include Book-Keeping, Financial Accounting, Management Accounting, Auditing, Fund / Government Accounting, Tax Accounting and few more.