Month: April 2011
Posted on: April 27, 2011 by total
At the end of each blog post is a diagram with all of the accounts that were used. Each transaction is labeled, in the diagram, with a # that corresponds to the example #. It is a good idea to print this diagram out, so you can follow along visually.
Posted on: April 07, 2011 by total
The Different Types of Accounts Now that we understand how to increase and decrease different accounts, we can talk about the meaning of the different account types. This is where we actually start to understand accounting. All accounts fit into 5 overarching account types: assets, liabilities, equity, expenses, and Income. So, we know, from before, […]
Posted on: April 03, 2011 by total
Seriously, what is a Debit and a Credit… I mean… Seriously? Everyone hates debits and credits because… well… they’re confusing, but we’ll go through it step-by-step here. Let’s start by clearing out the wrong ideas. Debits and Credits are not always positive and negative. The determining factor is the type of account that is being […]
Posted on: April 02, 2011 by total
What is Double-Entry Bookkeeping? Alright, Double-Entry Bookkeeping is the standard that everyone in the world uses for accounting. It dates back to around 1300ad, which is pointless information that I’m just putting in here for no reason.