An account code is a unique number assigned to an account in the chart of accounts, facilitating quick identification and classification of financial transactions based on various features such as asset type, location, or department.
The Dual Aspect Principle is a fundamental concept in accounting that asserts every financial transaction has two aspects: one that results in a debit entry and another that results in a credit entry.
A nonmonetary item is an asset, liability, or other financial statement line item that is stated in historical dollars and requires adjustment for inflation or deflation. Such items are not categorized as monetary items and thus do not maintain a fixed monetary value over time.
