Examlex
Although we often think of sea level as being a fixed height around the world, it can actually vary by more than 30 cm (12 in.)based on natural processes.
Normal Debit
An account entry that increases asset or expense accounts, or decreases liability, equity, or revenue accounts, reflecting in the left column of a double-entry accounting system.
Normal Credit
In accounting, it refers to the balance side (either credit or debit) that is expected for a particular type of account; for liability accounts, equity accounts, and revenue accounts, it is typically a credit balance.
Asset
Resources owned or controlled by a company expected to provide future economic benefits.
Liability
A financial obligation or debt that a company is required to repay to another entity in the future.
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