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Information and resources on accounting and bookkeeping for business and personal use.

Learn important accounting concepts, basic terminology, principles, and techniques.








What is Accounting?

An introduction to accounting lesson.  Learn accounting basics such as GAAP, and general accounting principles.


Why do we Need Accounting?

Accounting is the backbone of the business financial world.


Basic Accounting Terminology 101

Learn basic accounting terminology and concepts.


The Cornerstone of Bookkeeping: Your Accounting Ledgers

Learn about bookkeeping and the accounting ledgers.


What are Debits and Credits?

Understanding accounting debits and credits.


What is a Profit and Loss Report?

Learn about the profit and loss report or income statement.


Fundamental Concepts of Accounting

Generally Accepted Accounting Principles (GAAP).


The Basic Accounting Equation

Accounting is built upon the fundamental accounting equation, which includes assets, liabilities, and owners equity.


What Pieces of Information are needed for Bookkeeping?

If you don't have an accounting system, then what is the information you need for bookkeeping?


Small Business Accounting: Determine, Setup, and Use the Accounts

Learn what basic accounts your small business needs. Once you have learned what accounts you need for your business, how do you setup this information?


What is Depreciation Expense?

What is accounting depreciation expense?


History of Accounting

So where did accounting come from in the first place?  Here is a brief history of accounting.


Your Accounting Balance Sheet

The balance sheet is an important tool used to help judge the health of a business.


What is Owners Equity?

What is owners equity?


Understanding Accounting for your Business

Understanding accounting is important for your business success.


Fundamentals of Cost Accounting

Learn about cost accounting.


Your Accounting Statement of Cash Flows

Learn about the statement of cash flows.


Understanding the Accounts Payable Function

Learn about the accounts payable function of accounting.


What is a Liability?

What is an accounting liability?


Understanding Accounts Receivable

Learn about accounts receivable.


What is GAAP?

Learn about the concept of GAAP, or Generally Accepted Accounting Principles.


Record Keeping and the Accounting Process

Introduction to record keeping and the accounting process.


Bank Accounts and Accounting: A General Overview
An overview of bank accounts and accounting for bank transactions.


Expense Accounts for the Service Industry

Learn about business expense accounts for the service industry.


Expense Accounts for the Manufacturing Industry

Learn about expense accounts for the manufacturing industry.


The Accounting Cycle and the Fiscal Year

Learn about the accounting cycle.


Introduction to Assets, Liabilities, and Equity

An introduction to assets, liabilities, and equity.


Equity, the Difference in Assets and Liabilities

An introduction to equity.


Overview of Accounting Financial Statements

An introduction and overview of the financial statements.


Accounting Relationship: Income Statement and Balance Sheet

Learn how the income statement and balance sheet relate.


What is an Accounting System?

Accounting systems are the main highway for successful business operations.


What is an Asset?

An introduction to assets.


Accrual Based Accounting

Accrual based accounting refers to the method used to report earnings and income over the fiscal accounting reporting period.


Trial Balance and Financial Statement Preparation

The last two steps in the accounting process are preparing a trial balance and then preparing the balance sheet and income statement.


Internal Controls of an Accounting System

The three key divisions within the accounting system, of analysis, design, and implementation must be complemented with a system of control.


Should You Care About Accounting?

Why learning about accounting is important.


Cash Based Accounting

Cash based accounting refers to the method used to report earnings and income over the fiscal accounting reporting period.


Accounting for Small Business

Information on accounting for small businesses.


How Will Accounting Affect Your Life?

How accounting affects you.


Accrual Accounting and Adjusting Entries

Businesses go through a series of financial transactions that occur on a continuous basis within an accounting period.


The Internal Revenue Service

It was not until the turn of the century that the Internal Revenue Service and the profession of accounting paired together.


Code of Ethics for Accountants

Ethics, principles and their application by the Accounting profession.


Calculating Depreciation

Learn about depreciation, and the various methods to calculate it.


The Computer and Accounting

The computer has sparked a revolution in daily accounting practices, that can be compared to the invention of the automobile.


The New Revolution: Information Accounting

We will likely see tremendous changes in the ways that information and accounting are tied to one another.


Accrued Expense

Accrued expense refers to an expense that has been incurred but not yet paid.


Accrued Revenue

Learn about accrued revenue.


Deferred Expense

Deferred expense refers to an item that will initially be recorded as an asset but is expected to become an expense.


Deferred Revenue

Deferred revenue refers to an item that will initially be recorded as a liability, but is expected to become an asset.


What is Amortization?

Amortization is defined as the way to reduce debt by installments.


Rules of Debits and Credits

Every transaction in accounting is either a debit or a credit.


Cash Payments

Generally, all businesses accept cash payments, and keep cash ledgers to record all the cash transactions.


Cash Received

Of all the transactions that take place, cash transactions are the hardest to record and track, simply because the paper trail generated by a purely cash transaction is virtually non-existent.


What do Ratios Have to do with Accounting?

A look at some of the more common ratios, and the business application and meaning.


Financial Audits - Basic Tests

Financial audits are intended to provide some assurance to the public that a company's financial statements are presented fairly and accurately.


Reading an Annual Report

Publicly traded companies are required by law to publish an annual report to their shareholders.


Understanding Basic Business Accounting

If you ever wondered what the whole idea of business accounting was all about (but were afraid to ask) now is the time to learn.



How to Prepare a Cash Flow Statement

Preparation of the statement of cash flows.


Reading a Cash Flow Statement

Reading the statement of cash flows.


Format of the Cash Flow Statement

A look at the two different formats, and how you make the decision to choose one over the other.


Discussion of Direct and Indirect Formats

In order to understand a little more about the statement itself, we need to understand the sources of input, and the reason for choosing one method over another.

The Importance of the Cash Flow Statement

The importance of the cash flow statement in fulfilling the financial picture for the state of a business.


Cash Flow Statements and Budgets

Of all the reports that are a part of the Financial Statements set, perhaps the Cash Flow Statement is the most reliable in attempting to establish budgets and manage operating cash on a realistic basis.


The Balance Sheet and the Cash Flow Statement

The interdependence shared by the Balance Sheet and the Statement of Cash Flows can be found in the investing and financing section of the Statement of Cash Flows and the Assets and Liabilities areas of the Balance Sheet.


The Cash Flow Statement and Investor Information

If you are an investor, and you are trying to make a determination about the financial health of a business, you would need to read the Financial Statements in order to correctly ascertain this condition.


The Benefits of the Cash Flow Statement

For this last article in the series on the Cash Flow statement, let us do a brief review of the importance and benefits we have discussed.



A Sample Income Statement

The income statement is the first completed financial statement in the complete package of Income Statement, Balance Sheet, Owner's Equity Statement and Statement of Cash Flows.

How to Prepare an Income Statement

How to prepare an income statement.


Reading an Income Statement

How to read an income statement.


Format of the Income Statement

Understand the format of the income statement.


Income Statements and the Owner Equity Statement

An explanation of the relationship between the Income Statement and the Owner Equity Statement.


The Importance of the Income Statement

The importance of the Income Statement in fulfilling the financial picture for the state of a business.


Income Statements and Budgets

How does the Income Statement figure into the budget picture?


The Balance Sheet and the Income Statement

The interdependence shared by the Balance Sheet and the Income Statement.


The Income Statement and Investor Information

What are investors looking for when they review the Annual Report, and examine the Income Statement?



Basic Accounting and Bookkeeping

Teach and learn basic accounting principles, bookkeeping skills, and methods. Lessons, lesson plans, and worksheets.




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