In the 14th century, plague ravaged Europe and Asia and was called the Black Death. Plague does not respond to penicillin, but other antibiotics are effective. Sanitary measures against fleas and rodents, quarantine and extreme caution in handling infectious materials help to suppress epidemics.
1. Expense recognition. Expenses are decreases in assets (e.g., rent expenses) or increases in liabilities (e.g., accrued utility expenses) that result from operating activities undertaken to generate revenue. Expenses are recognized in accordance with the matching principle. This principle mandates that the expense or cost of doing business is recorded in the same period as the revenue that has been generated as the result of incurring that expense or cost.
A debit increases a liability account, and a credit decreases a liability accounting. A credit increases a revenue account, and a debit decreases a revenue accounting. A credit increases an expense account, and a debit decreases an expense account. Understand the basic types of accounting transactions. In the simplest of circumstances, accounting transactions will affect these accounts in one of the following ways. An asset account is debited, and a revenue account is credited. An expense account is debited, and an asset account is credited.