In accounting, every financial transaction is recorded by two entries on the company's books. These two transactions are called a "debit" and a "credit," and together, they form the foundation of ...

Learn what book balance is, how it differs from bank balance, and see practical examples. Understand how reconciling these balances is crucial for cash flow management.

Learn to report contingent liabilities under GAAP. Understand probability categories—probable, possible, remote—and how to ...