This course covers the complete accounting cycle and is designed for those who are interested in working in the areas of bookkeeping, clerical accounting, finance or general office work or are looking to review their accounting knowledge.Our accounting course teaches principles of accounting, which are consistent across the globe. Even though there may be minor differences in accounting principles in different countries, the core accounting principles are the same.
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1. Welcome Dear Students Your Account Double any Trouble
2. Video Accounting course Enroll on full versionenroll on
course with lecturers explanation www.elearningpower.com
3. Lesson 4: Learning Objectives 1 Accounts and The Double
Entry Accounting system 2 Applying the Rules of Debit and Credit
Balance Sheet Accounts 3 Business Transaction Analysis
4. Lesson 4 : What Youll learnWHAT IT IS IMPORTANT WHAT IS
NEEDED UNDERSTANDPrepare a chart of accounts. Use T accounts to
analyzeExplain the purpose of Identify transactions that affect
assets,the normal balance double-entry liabilities, and the
ownersaccounting of accounts. capital account.Use T accounts to
illustrate the Calculate the account balancesrules of debit and
credit for after recording businessasset accounts, liability
transactions.accounts, and the owners In accounting you need
tocapital account and to express analyze transactions into debitthe
accounting equation. and credit parts.
5. Key Terms chart of accounts credit debit double-entry
accounting ledger normal balance T account
6. Summary: A chart of accountsA chart of accounts is a list of
all accounts that a business uses.Each account is assigned a
number, and the accounts are listed in
numericalorder.elements.
7. Summary : Double-Entry Accounting SystemThis system is based
on the accounting equation and requires that every
businesstransaction be recorded in at least two accounts.The
double-entry accounting system also has specific rules of debit and
creditfor recording transactions in the accounts..
8. Its Not What It In accounting debit simply means the
Seemsleft side of an account and credit meansthe right side. The
terms debit and credit might remind you of debit cards and credit
cards.
9. Summary : T- accountAn efficient tool for using double-entry
accounting is a T account.T accounts help the accountantanalyze the
parts of a businesstransaction.
10. The Rules of Debit and Credit Balance Sheet AccountsDebit
and credit rules varyaccording to whether an accountis classified
as : an asset, a liability the owners capital
11. The Rules for Assets AccountsAn accounts usual balance is
calledits normal balance.Asset accounts follow three rules ofdebit
and credit: The increase side is the debit(left) side. The decrease
side is the credit(right) side.The normal balance for an
assetaccount is the increase, or thedebit side.
12. The Rules for Liability and Owners Capital AccountsThese
accounts follow three rules ofdebit and credit: The increase side
is the credit(right) side. The decrease side is the debit(left)
side. The normal balance for liabilityand owners capital accounts
isthe increase, or the credit side.
13. Summary : The Rules of Debit and Credit Balance Sheet
Accounts
14. Summary: 4. CompleteBUSINESS TRANSACTION ANALYSIS entry in
T-account Identify and Classify the accounts affected 3. Determine
the amount of 1. Determine Identify accounts - increase or decrease
for and each account affected debited Classify credited accounts
Determine which account is debited and credited . For what amount ?
2. Complete entry in T-account Determine accounts - increase
decrease
15. Follow next LessonThank you ! Lesson 5:Enroll on full
version Transactions that affect revenue, expenses and enroll on
course with withdrawalslecturers
explanationwww.elearningpower.com
