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Schools that receive federal funding are generally bound by the provisions of the:
Normal Balance
The side (debit or credit) of an account that is typically increased, indicating its usual positive balance in accounting.
Account Type
Refers to classifications made for various financial transactions in accounting, such as assets, liabilities, equity, revenue, and expenses.
Debit And Credit Effects
The accounting actions that increase or decrease accounts in the double-entry bookkeeping system, where debits are entries on the left side and credits are entries on the right.
Normal Account Balance
The usual or expected balance that an account possesses, which can be a debit for assets and expenses, or a credit for liabilities, equity, and revenue.
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