Accounts increased by debits A debit will increase the following types of accounts: Assets (Cash, Accounts receivable, Inventory, Land, Equipment, etc.) E...

Direct costs can be fixed costs such as the rent for a production plant. Variable costs vary with the level of production output and can include raw mater...

A realized gain is the profit from an investment that’s actually been sold, as calculated by the difference between an investment’s purchase price and sal...

Go to Gateway of Tally > Accounting Vouchers > F9 Purchase. Under supplier invoice column, enter the sales invoice no of the supplying party and und...

Gross sales refer to the total amount of all sales receipts added together, reflecting the unadjusted amount of sales income that a company or person make...

Cash is an asset account, so an increase is a debit and an increase in the common stock account is a credit. Is common stock increase with a credit or deb...

1 The business entity concept. The business entity concept states that the business is separate from the owner(s) of the business. Therefore the accountin...

Personal Liability of the Agent : We have already seen that basic principle of agency is that agent acts on behalf his principal and therefore cannot pers...

a/c(Withdrew cash for personal use.) Shahin Ansari. Drawings a/c Dr. Drawings are use for drew cash for personal use. What is the journal entry of persona...

Definition of Sales Discounts Sales discounts (along with sales returns and allowances) are deducted from gross sales to arrive at the company’s net sales...