What Is Succession Planning

question 14

Essay

What is succession planning?

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Definitions:

Debits

Accounting entries that increase assets or expenses or decrease liabilities, equity, or net worth in a company's balance sheet.

Credits

Credits refer to the accounting entries that can decrease assets or increase liabilities and equity on a company's balance sheet, opposite to debits.

Transactions

Financial events that affect the assets, liabilities, or equity of a company and can be measured in monetary terms.

Journal

A record where all financial transactions are entered initially, before being posted to individual accounts in the ledger, following the double-entry bookkeeping.