An income statement shows a company's profit and loss over a given period of time, explains the Corporate Finance Institute. It contains all the revenues that the business has and subtracts from ...

Each entry has a “debit” side and a “credit” side, recorded in the general ledger. Asset accounts increase when debited and decrease when credited. Conversely, liabilities and equity ...

Understanding the difference between a debit and a credit is key to accurate accounting for your business, but keeping them straight can be tricky. Remember that every business transaction affects ...

Debits are recorded on the left side of the general ledger and credits are recorded on the right. The sum of every debit and its corresponding credit should always be zero. » MORE: 9 accounting ...