Difference between revisions of "Account normal balance"

Latest revision as of 19:25, 4 January 2019

Account normal balance (alternatively known as normal balance of an account or, simply, normal balance; hereinafter, the Balance) is either a credit or debit of any financial account that is affected when this account increases. Some accounts such as Income Summary have no Balance (i.e., these accounts could have a debit or a credit balance).

Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.

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-[[Account normal balance]] (alternatively known as [[normal balance of an account]]; hereinafter, the ''Balance'') is .
+[[Account normal balance]] (alternatively known as [[normal balance of an account]] or, simply, [[normal balance]]; hereinafter, the ''Balance'') is either a [[credit]] or [[debit]] of any [[financial account]] that is affected when this ''account'' increases. Some accounts such as [[Income Summary]] have no ''Balance'' (i.e., these accounts could have a debit or a credit balance).
+==Definitions==
+According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
+:[[Normal balance of an account]]. The side of an [[financial account|account]] that increases by the [[rules of debit and credit]].
 ==Related concepts==
 *[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws.
-==Related coursework==
+==Related lectures==
 *[[Bookkeeping Quarter]].
 [[Category: Septem Artes Administrativi]][[Category: Articles]]