The 2016 Color of the Year is â CLARET! How does Claret fit in the Fiesta family of colors? Quite nicely, we must say. Check out the entire spectrum here: Ivory, Slate, Sage, Claret, Scarlet, Poppy, Tangerine, Sunflower, Lemongrass, Shamrock, Turquoise, Lapis, Cobalt, Paprika, and White. Claret is a high-fashion color that fills a void in the Fiesta spectrum.
The fundamental concept underlying present-day bookkeeping and accounting. Double entry accounting is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts.
The double entry accounting system is based on the concept of debits and credits. This is an area where many new accounting students get confused. Often people think debits mean additions while credits mean subtractions. This isnât the case at all. Debits and credits actually refer to the side of the ledger that journal entries are posted to. A debit, sometimes abbreviated as Dr., is an entry that is recorded on the left side of the accounting ledger or T-account. Conversely, a credit or Cr. is an entry on the right side of the ledger.