Debits and credits are a fundamental concept in accounting, but they have different meanings when applied to balance sheet and income statement accounts. For the sake of this analysis, a credit is ...

A company's income statement shows the sales, expenses and profits for an accounting period. The balance sheet tracks assets, liabilities and owners' equity. In the double-entry system of accounting, ...

The double-entry system protects your small business against costly accounting errors. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...