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  2. Normal balance - Wikipedia

    en.wikipedia.org/wiki/Normal_balance

    Asset and expense accounts have a normal debit balance, while liability, equity and income accounts have a normal credit balance. [1] Generally a normal balance is shown in statements as a positive number and an abnormal balance as negative. In the case of a contra account, however, the normal balance convention is reversed and a normal balance ...

  3. Expense account - Wikipedia

    en.wikipedia.org/wiki/Expense_account

    The normal expense account balance is a debit. [3] In order to understand why expenses are debited, it is relevant to note the accounting equation, Assets = Liabilities + Equity. [ 4 ] Expenses show up under the equity portion of the equation because equity is common stock plus retained earnings and retained earnings are revenues minus expenses ...

  4. Accounting equation - Wikipedia

    en.wikipedia.org/wiki/Accounting_equation

    Since the balance sheet is founded on the principles of the accounting equation, this equation can also be said to be responsible for estimating the net worth of an entire company. The fundamental components of the accounting equation include the calculation of both company holdings and company debts; thus, it allows owners to gauge the total ...

  5. Balance (accounting) - Wikipedia

    en.wikipedia.org/wiki/Balance_(accounting)

    In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, "balance" is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. [1] When total debits exceed the total credits, the account indicates a debit balance.

  6. Asset - Wikipedia

    en.wikipedia.org/wiki/Asset

    Total assets can also be called the balance sheet total. ... Inventory – trading these assets is a normal business of a company.

  7. Debits and credits - Wikipedia

    en.wikipedia.org/wiki/Debits_and_credits

    A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. [34] An example is an office coffee fund: Expense "Coffee" (Dr) may be immediately followed by "Coffee – employee contributions" (Cr). [35]

  8. Choking emergency? How to do the Heimlich maneuver - AOL

    www.aol.com/choking-emergency-heimlich-maneuver...

    Next, thrust in an inward and upward motion on the diaphragm. This will force air out of the lungs and remove the blockage. Repeat these abdominal thrusts up to five times, the doctor advised.

  9. Chart of accounts - Wikipedia

    en.wikipedia.org/wiki/Chart_of_accounts

    Contra-accounts are accounts with negative balances that offset other balance sheet accounts. Examples are accumulated depreciation (offset against fixed assets), and the allowance for bad debts (offset against accounts receivable). Deferred interest is also offset against receivables rather than being classified as a liability.