Examlex
Teachers should be aware that students learn in different ways, which are referred to as
Debit
An entry recorded on the left side of an account ledger, representing an increase in assets or expenses or a decrease in liabilities, equity, or revenue.
Credit
An accounting entry that increases a liability or equity account or decreases an asset or expense account.
Balance Sheet Accounts
Accounts that reflect the assets, liabilities, and shareholders' equity of a company at a particular point in time.
Real Accounts
Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period, as opposed to nominal accounts.
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