Basic accounting debits_credits
Jul. 3, 2012•0 likes•15,604 views
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Our basic accounting lesson is designed to introduce you to the idea of double entry bookkeeping. Following our lesson you should have an understanding of when to debit or credit for a journal entry. We also have a short video to help remember the correct postings.
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Basic accounting debits_credits
- 1. Basic Accounting – debits & credits by fundsacademy.com
- 2. What is double entry bookkeeping? • When a financial transaction is booked there are two sides to the entry: a debit and a credit • The accounting equation must be maintained when posting journal entries
- 3. What is the accounting equation? Assets = Liabilities + Owners Equity
- 4. There are five categories of accounts: • Asset • Liabilities • Equity • Revenue • Expense
- 5. When should I debit or credit? • First decide which category the account falls into • Secondly depending on whether you want to increase or decrease you can use the following table
- 6. Do I debit or credit?
- 7. Now take a read of below article before finally taking the quiz! Visit www.fundsacademy.com for free lessons Find us on twitter @fundsacademy