Debits and credits are an integral part of the accounting system. They are the method used to record business transactions, and keep track of assets and liabilities. Anything that has a monetary value ...

Learn what book balance is, how it differs from bank balance, and see practical examples. Understand how reconciling these balances is crucial for cash flow management.

Debits and credits are a fundamental concept in accounting, but they have different meanings when applied to balance sheet and income statement accounts. For the sake of this analysis, a credit is ...