The Basic Accounting Series

Accounting 101

The Basic Accounting Series cover what you find in typical Accounting 101 classes. To get the most out of the series, please read the articles on basic accounting in the order below:

Assets: What the business owns

The Accounting Equation: How much a business owns = How much people put into the business

Shareholders’ Equity and Liabilities: Where does the firm get its assets from?

Financial Statements: An introduction to the Income Statement and Balance Sheet

Debit and Credit: Recording transactions the accountants’ way (Part 1 | Part 2)

Income Statement: How much did the business earn in a certain period?

Balance Sheet: The accounting equation expanded

Depreciation: Year-end adjustments to the financial statements (Part 1 | Part 2)

 

Resources:

Introduction to Financial Accounting (Eleventh ed.) by Horngren, Sundem, Elliott and Philbrick