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The normal balance for an asset account is debit and for an expense account is debit.
THE BALANCE POINT is a guide to how owners, managers, and boards really work together. It doesn't just explain what each group does. In business, he offers a fresh perspective that unites three important groups - owners, managers, and directors. The invention of equal-arm scales dates back to at least the time of the ancient Egyptians, possibly as early as 5000 BC. In early types, beams were supported in the middle, and pots were hung by strings at the ends.
The information contained in the balance sheet is most often organized according to the formula Assets = Liabilities + Equity. The balance sheet should always be balanced. Assets should always equal liabilities and equity. Equity should always equal assets minus liabilities.
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