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Recording Business Transactions
ACCOUNT. An account is an individual record or form to record and précis information for each liability, asset, or owner's equity transaction.
Every account will have a title and number.
Debit means left side.
Credit means right side.
A "T" ACCOUNT is so named as it looks like a capital T. Use this form of an account to help you conclude whether amount is placed on the left (debit) or right (credit) side of the account.
It is significant that you think of debits and credits as only meaning left and right!
Double-entry accounting means that there would be at least two (2) accounts affected by every transaction.
Credits and Debits can either be decreases or increases depending on type of account.
Inventories constitute a important portion of the current assets ranging from 40 percent to 60 percent for manufacturing companies. The manufacturing companies conduct investments
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LIMITATIONS O F FINANCIAL ACCOUNTING 1. Simply transactions which can be calculated in terms of money can be recorded in the books of accounts. Actions, though important t
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