Difference between revisions of "Account normal balance"

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[[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.
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[[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).
  
  
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*[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws.
 
*[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws.
  
==Related coursework==
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==Related lectures==
 
*[[Bookkeeping Quarter]].  
 
*[[Bookkeeping Quarter]].  
  
 
[[Category: Septem Artes Administrativi]][[Category: Articles]]
 
[[Category: Septem Artes Administrativi]][[Category: Articles]]

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).


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 lectures