Difference between revisions of "Account normal balance"

From CNM Wiki
Jump to: navigation, search
Line 1: Line 1:
[[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''.
+
[[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).
  
  

Revision as of 11:13, 17 December 2018

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

Related coursework