Normal balances of accounts chart

TAMAN BUDUL -
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Normal balances of accounts chart

Type of Account

Normal Balance

Decrease

Assets

Debit

Credit

Liabilities

Credit

Debit

Equity

Credit

Debit

Revenue

Credit

Debit














Prepared by Taman Abdulahi 
TAMAN BUDUL

Accounting and finance are crucial functions within any organization, as they involve recording, analyzing, and reporting financial transactions and information. Accounting primarily focuses on recording and summarizing financial transactions, preparing financial statements, and maintaining accurate books of accounts. It helps in monitoring the financial health of a business and provides essential information for decision-making, budgeting, and forecasting. There are different branches of accounting, including financial accounting, management accounting, and tax accounting, each serving specific purposes.

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