Learn Accounting
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Learn Accounting
T-accounts
When I think of Accounting a lot of important things come to mind. Some of which come from just reading the "Wall Street Journal" and other come from just learning accounting 201. There are so many different aspects and methods of Accounting, but we have only learned a few concepts out of the many of them through out our brief look into this crazy world of Accounting. Though at the beginning of this course there are only a few big methods and formulas we learn that are key to us understanding this subject, there was one thing that stuck out in my mind as extremely important and without it, well, their would be no structure to any of the difficult and changeling problems we have to do. It's a pretty basic concept, but after learning what little I know of Accounting, T-accounts and balance sheets and income statements seem to be one of the most important things I like and have learned so far.
T-accounts are a pretty basic concept to learn. When using your accounts every transaction must have debits equaling credits. The extended accounting equation for balance sheets and income statements which I will get into is, A + E = L + OE + R. Debits are always on the right and Credits are always on the left. But with out this basic method there would be no Accounting if you really think about it, because every single time you deal with any kind of account you either have to Debit it or Credit it. It's a very simple concept to learn, but yet a very tricky one if you don't know your account names and where they are credited or debited.
In accounting your balance sheet is a financial summary of a sole proprietorship, a business partnership or a company. If you remember from account 201 this is the first big t-account that you learn. The formula for this is, Assets = Liabilities – Owners Equity and that's the formula every time you use it, because your adding up your assets or everything you own, that have to equal your Liabilities subtracted from your Owners Equity. Your assets are always debited and your Liabilities and Owners Equity are always credited, which is how they equal. This is also the only statement that actually applies to a single point in time of a business calendar year. Also both sides must equal for a balance sheet to be correct. For instance if you debited a $100 in cash to your assets and then credited a notes payable of $25 to your liabilities and then credited a capital stock of $40 and a retained earnings of $35 to your owners equity then your balance sheet would be correct, because both sides would equal $100.
Income statements are used to show a companies profits and losses during one period of time. It could be over one month or a year depending on how long of a time period the company is looking for. This is the second most important t-account in which you will learn when beginning accounting. The formula for this equation is Revenues – Expenses, which is a shortened version of the one I showed above. You credit you revenues and debit your expenses and this shows your net income for a certain period of time, because all of your expenses must get debited to show what you have spent your money on for a certain period of time, for instance rent and utilities would both get debited, because you have to pay these off monthly. Then you would subtract them from your gross profits or revenues to find out how much your net income is for the month or year.
These two statements are the very first formulas you learn for T-accounts when you begin accounting. They are the most basic terms and formulas to understand when you first begin and if you don't understand them then it's only going to get more difficult, which is why it's extremely important that you master these basic T-accounts before you move on in accounting. Every time you look at an accounting problem you need to know what gets debited and credited and where your expenses or assets go, because by putting one wrong number in a credit or debit it could lead to your total number being off. Which leads back to knowing your correct terms and their accounts, because by knowing your basic accounts you will be able to never make a crucial mistake that could lead to all of your calculations being wrong, because when you get into the real world one wrong debited or credited number could be crucial to a companies ending numbers and profits.
About the Author
what should i learn in accounting for USA market?
Actually one of my friend wife in india and she is coming in usa round about after 16 month.So he want to know what should she learn more in accounting so she can get a job in usa. I have recomemend her Quick-book software..but still i am not sure ...do you guys have any idea ?
Get a bachelor's degree in accounting, or at least take some accounting classes at the local community college.
Most companies do not use Quickbooks, so I don't think that will help.
Learn Accounting Basics
