“Accounting 101” we’ll explain the basics of accounting in easy to understand terms with real life examples, showing you the impact on your financial statements. We’ll also discuss working with your CPA, no matter what platform they are using. Let’s review what you’ve probably already done today. When you got to work you probably

Accounting 101 . ASSETS . An Asset is something that you own, that has value, and will generate a future benefit. Assets are good. Eg.) Cash, accounts receivable, GST receivable, inventory, ... So in accounting terms: • The $4,000 sale was made up of $2,000 cash and $2,000 to be received later. Assets are increased by $4,000

Accounting 101 This quick reference is for those who are new to accounting and need an introduction to some of its fundamental concepts. Accounting methods Cash-basis accounting In this method, transactions are recorded to the general ledger (GL) accounts at the time cash is affected, either payments or receipts.

Accounting 101 - Free download as PDF File (.pdf), Text File (.txt) or read online for free.

ACCOUNTING •FAF (Financial Accounting Foundation) created the Governmental Accounting Standards Board (GASB) in 1984 which replaced the NCGA in setting accounting principles for governments. •GASB is composed of 7 members with various backgrounds including state and local governments, public accounting, academe, and user groups.

In accounting or business terms, any dealing between two persons involving money or a valuable thing is called transaction . Human beings are social animals and are bound to adopt a community living style.

Accounting Basics, Part 1 Part 1 Accrual, Double-Entry Accounting, Debits & Credits, ... 101 - Cash 102 - Accounts receivable 103 - Automobile 104 - Equipment 105 - Building 106 - Land 107 - Supplies 108 - Accumulated Depreciation 200 - Liabilities 201 - Accounts payable

Important terms in financial accounting Introduction: Accounting basics will introduce you to some of thefundamentalAccounting principles, concepts, and Terminology.Some of the terms that you will learn would include Revenues, Expenses, Assets, Liabilities, Income Statement, Balance Sheet, Statement of Cash Flows etc.Basically, the main purpose ...

26/04/2015 · ACCOUNTING EQUATION INVENTORY Assets = = + +--Liabilit esi Balance Sheet as of 12/31/2100 Income Statement, year ended 12/31/2100 = Net income increases RE T-Account Revenue Debit Credit Expense Equity Equation Assets = Liabilities + Equity Equity = Assets - Liabilities - COGS Journal Entry debit credit Cash 100 Common stock 100