For All Things Accounting.
Courses >  

Accounting Basics
Accounting 101

Checked for updates,
Chapter 1

Introduction to Accounting

This chapter provides a fresh look into accounting. We will define accounting and break the definition down into simple points; learn about the role of accounting in the financial world, its branches, areas of accounting practice, and the types and forms of business.
Chapter 3

The Financial Statements

The preparation of the financial statements is the seventh step in the 9-step accounting cycle. However, we decided to present this first before getting into the whole process for you to have a picture of what we are trying to produce in an accounting system.
Chapter 5

Adjusting Entries

Adjusting entries are made to update the accounts in the accounting system. Some accounts are not up-to-date hence requiring adjustments to get them to their correct balances. Adjusting entries are made for accrual of income, accrual of expense, deferrals, prepayments, depreciation, and allowances.
Chapter 6

How to Prepare Financial Statements

Most businesses today have automated accounting systems. Financial statements can be prepared with a few clicks of a button. However, as accountants, we need to know how to prepare them manually and make it a part of our system. We will also be able to interpret and analyze financial statements better.
Chapter 7

Closing Entries

Closing journal entries are made at year-end to prepare temporary or nominal accounts for the next accounting period. The amounts of nominal accounts in one period should be closed or brought to zero so that they won't be mixed with those of the next period.
Chapter 8

Post-Closing Trial Balance

The last step in the accounting cycle is to prepare a post-closing trial balance. A post-closing trial balance is prepared after closing entries are made and posted to the ledger. It is the third trial balance in the accounting cycle.
Chapter 9

Reversing Entries

Preparing reversing entries is an optional step in the accounting cycle. Reversing entries are made at the beginning of the new accounting period to enable a smoother accounting process.
What's in Here

Accounting is known as the language of business. Through a series of steps known as accounting cycle, it gathers information about business transactions, and collates and summarizes them to generate reports for a business entity.

This course offers free online tutorials on accounting basics. It aims to build and solidify one's knowledge of the foundations which are vital in building a career in accounting & finance or in managing a small business.

The lessons here will serve as a primer for beginners and a refresher for those who already have some accounting background.

Like and share!
Web link
APA format
Accounting Basics: Accounting 101 (2022). Accountingverse.
Other Courses
A c c o u n t i n g v e r s e
Your Online Resource For All Things Accounting
Based on international financial reporting standards,
and with references to US or local GAAP as needed
Copyright © 2010-2022