Account normal balance
Account normal balance (alternatively known as normal balance of an account; 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 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 reports that are required by laws.
