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Financial Accounting Course |
| U.S. GAAP Codification | IFRS International Standards | Accounting Topics |
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Credit Accounts 01 Examples |
U.S. GAAP
Codification,
Accounting
Textbooks |
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Financial
Accounting,
Intermediate
Accounting,
Advanced
Accounting
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U.S. GAAP by Topic,
Accounting by Topic
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The following accounts have normal balances on the
credit side 1. Liability accounts 2. Equity accounts 3. Revenue and gain accounts
Increases and decreases 1. Increases in liability accounts are recorded on the credit side 2. Decreases in liability accounts are recorded on the debit side 3. Increases in equity accounts are recorded on the credit side 4. Decreases in equity accounts are recorded on the debit side 5. Increases in revenue and gain accounts are recorded on the credit side 6. Decreases in revenue and gain are recorded on the debit side |
Examples of liability accounts
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Examples of equity accounts
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Examples of revenue and gain accounts
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Codification Topics at the 100 Level |
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Topic
105: Generally Accepted Accounting Principles |