In accounting, Debit means the left side of an account and Credit means the right side of an account. We increase and decrease accounts by debiting them or crediting them. Knowing whether to debit or...
Category: Financial Accounting
Using Double-entry Accounting, every business transaction impacts at least two accounts. Those accounts are increasing or decreasing. In accounting, rather than using positive and negative numbers to...
Learning how to do Journal Entries is at the core of learning accounting. Following these step-by-step directions will help you understand how to do journal entries like a pro. What is a Journal...
Financial Statements are reports that summarize business transactions. Financial Statements are produced at regular intervals in the business year (monthly, quarterly, annually) to help owners,...
An Intangible Asset is a long-term asset (or non-current asset), one that a business will hold for longer than a year. Like Tangible Assets, these are permanent items a business intends to own...
A Current Asset is defined as an asset that is already cash or is expected to be converted to cash in one year or less (an operating cycle.) Examples of current assets are Cash, Petty Cash, Accounts...
