Asked by Allison Bottorff on May 06, 2024
Verified
Normal Balance
The side of an account that is usually positive or increased; for assets and expenses, it's the debit side, for liabilities, equity, and revenue, the credit side.
Account
An individual record within a financial system or ledger that tracks the financial transactions of a specific asset, liability, revenue, expense, or equity component.
- Learn the methodology for accurate account categorization.
- Familiarize oneself with the financial documents on which certain accounts are presented.
Verified Answer
AA
Learning Objectives
- Learn the methodology for accurate account categorization.
- Familiarize oneself with the financial documents on which certain accounts are presented.