ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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NORMAL BALANCE Definition
NORMAL BALANCE, in accounting, is the side of an account, whether debit or credit, to which increases to the account are recorded.
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INVENTORY OBSOLESCENCE is when inventory is no longer salable. Possibly due to too much inventory on hand, out of fashion or demand. The true value of the inventory is seldom exactly what is shown on the balance sheet. Often, there is unrecognized obsolescence.
INVOICE is a detailed list of goods shipped or services rendered, with an account of all costs; an itemized bill.