A complete guide to Accounting , Finance & Bookkeeping

Explore the accounting equation that links assets to liabilities and equity. Balance assets with liabilities and equity through this core concept, which underpins double-entry bookkeeping and ensures every entry balances.

Explore how the accounting equation analyzes and records business transactions, using Joe's startup funded by savings to illustrate the concept.

Follow a pizza restaurant case to learn the accounting equation by tracing assets, liabilities, and equity through cash, bank transfers, inventory, furniture, supplier credit, and profit or loss.

Explore how every transaction affects assets, liabilities, and equity in double-entry accounting, using a cash, bank, and inventory case study to illustrate the accounting equation in action.

Explore key accounting terms like revenues, expenses, and owner's equity, and see how they shape the balance sheet and financial statements.

Defines liabilities and distinguishes current from non-current, with bank debt and supplier credit as examples, and highlights timing's value to stakeholders.

Explore the accounting cycle from identifying and recording transactions to preparing financial statements, including posting to ledger accounts, balancing, trial balance, and closing entries.

Explore major accounting principles such as revenue recognition, separate entity concept, expenses recognition (matching), and the cost principle, as discussed under IFRS and U.S. GAAP.

Learn how accounts function in double-entry accounting, using T-accounts to record increases and decreases in assets, liabilities, and equity, with debits and credits.

Learn how debits and credits drive double-entry accounting, balancing every transaction across at least two accounts. Recognize normal balances: assets and expenses debit; liabilities, equity, and revenue credit.

Learn the first golden rule of accounting: debit all expenses and credit all gains, reflecting normal balances, with practical examples of rent, sales, and refunds.

Master the second golden rule of accounting: debit the receiver and credit the giver, demonstrated with debtors, accounts receivable, and suppliers.

Explore the third golden rule of accounting: debit assets when they increase and credit them when they decrease, illustrated by furniture increasing and cash decreasing.

Explore how debit and credit govern normal balances across assets, equity, and liabilities using practical transactions. Analyze cash, bank, stock, equipment, suppliers, and sales to ensure debits equal credits.

Begin the accounting cycle with the general or original books of entry, where the journal records each transaction for the first time, directing debit or credit.

Explore the general journal format, including date, debit, and credit columns. Understand paired accounts, balance the debits and credits, and review examples with equipment, cash, and furniture transactions.

Apply debit and credit concepts through a practical journal-entry exercise, analyzing transactions like cash, common stock, bank accounts, purchases, expenses, liabilities, and revenue in the general books.

Analyze a Wal-Mart case study of 14 journal transactions from April 2017, applying double-entry principles of debits and credits to cash, bank, expenses, and liabilities.

Explore how ledgers collect accounts of debit or credit transactions. Posting transfers entries from the journal to the ledger, grouping them by account to reveal balances.

Balance ledger accounts by comparing debit and credit sides, computing the difference, and recording the balance on the shorter side, with examples from cash, accounts payable, and furniture.

Post journal entries to ledger accounts, recording debits and credits for cash, capital, bank, and expenses to balance ledgers.

Recap progress by analyzing and recording entries in the book of entry journal, then posting to ledgers and determining debit card balances. Move to the next phase with adjusting entries.

Perform adjusting entries at period end to update revenues and expenses under accrual basis, applying the revenue recognition and matching principles, including supplies, depreciation, interest receivable, and salaries payable.

Prepare the trial balance by listing each account’s closing balance in the debit or credit column and totaling the columns. Verify that debits equal credits.

Prepare a trial balance on March 20 by applying normal debit and credit balances to accounts capital, drawings, equipment, sales, wages, goodwill, bank loan, accounts payable, accounts receivable, and inventory.