Debits and credits are an integral part of the accounting system. They are the method used to record business transactions, and keep track of assets and liabilities. Anything that has a monetary value ...

Learn what a dangling debit is, its implications for financial statements, and why it's crucial for audits. Discover how it ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

While it seems contradictory that assets and expenses can both have debit balances, the explanation is quite logical when one understands the basics of accounting. Modern-day accounting theory is ...