0
Accounts that typically have a normal debit balance include assets, expenses, and losses. This means that increases in these accounts are recorded as debits, while decreases are recorded as credits. For example, cash, inventory, and accounts receivable are asset accounts that normally carry a debit balance, as do expense accounts like rent and utilities.
What else can I help you with?
What group of accounts is decreased by debits?
Liability accounts and equity accounts are decreased by debits. When a debit entry is made, it reduces the balance of these accounts, reflecting a decrease in obligations or ownership interest. In accounting, debits increase asset and expense accounts while decreasing liabilities and equity.
What is a group of accounts?
its called a ledger
What does General ledger consist of?
A group of accounts.
Which group of accounts is comprised of only assets?
The group of accounts that is comprised of only assets are prepaid expenses. Money can be owed on such things as buildings and other equipment.
Where can you obtain internet merchant accounts?
Paypal is an internet merchant account. You can also obtain internet merchant accounts through The Transaction Group, Merchant Group, and Merchant Plus.
Which one of the following account groups will decrease with a debit?
In accounting, asset accounts, expense accounts, and dividend accounts typically increase with a debit and decrease with a credit. Conversely, liability accounts, equity accounts, and revenue accounts decrease with a debit. Therefore, liability accounts are the group that will decrease with a debit.
What group of accounts is decreased by debits?
Liability accounts and equity accounts are decreased by debits. When a debit entry is made, it reduces the balance of these accounts, reflecting a decrease in obligations or ownership interest. In accounting, debits increase asset and expense accounts while decreasing liabilities and equity.
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
What do sundry debit and credit mean?
Sundry is a category in general accounting that is used to describe a miscellaneous group of vendors. These vendors are often smaller or infrequent relationships that do not require their own entry. If the vendor currently owes the parent company money, then they are considered a sundry debit. On the other hand, if they have provided goods or services for which the parent company owes them for, they are considered a sundry credit.
Is that you can maintain zero balance in posb bank?
Usually banks offer zero balance bank accounts to customers who have salary accounts with them. I have a zero balance account with DBS and since DBS and POSB are part of the same group, I guess they too will have a zero account balance bank account. You need to submit this bank account to your employer and if they GIRO your salary to this account automatically every month, it should be fine.
What is a group of accounts?
its called a ledger
What does General ledger consist of?
A group of accounts.
Every domain has a what that stores and controls a database of user accounts group accounts and computer accounts?
Actually it's the Domain Controller
Which group of accounts is comprised of only assets?
The group of accounts that is comprised of only assets are prepaid expenses. Money can be owed on such things as buildings and other equipment.
You feed one group the food you want to learn about but you feed another group their normal food What do you call the group eating their normal food?
Control group
Where can you obtain internet merchant accounts?
Paypal is an internet merchant account. You can also obtain internet merchant accounts through The Transaction Group, Merchant Group, and Merchant Plus.
What is ABSA Account?
An ABSA account refers to a banking account offered by ABSA Group Limited, a major financial services provider in South Africa. ABSA offers various types of accounts, including savings, checking, and business accounts, tailored to meet diverse customer needs. These accounts typically come with features such as online banking, debit cards, and access to financial services. Customers can manage their finances through ABSA's digital platforms, ensuring convenience and accessibility.
