Category Archives for Financial Accounting Topics

What is Accounting?

If you are currently enrolled in an accounting course (which I sure hope you are because most people don’t browse my site for fun) you’ve probably heard some pretty terrible things about accounting.

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The Accounting Equation

Accounting is all about balance. Each time we engage in a transaction, there are at least two things that are happening. Usually, we give up something to receive something we need. For example, when you

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Journal Entry Basics

Journal entries are probably the most important part of any financial accounting class. They are the language of accounting. This is a journal entry. It describes a transaction. The entry above tells

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Revenue Recognition

When to Recognize Revenue Revenue recognition is one of the most important concepts in accounting. Deciding when to record revenue and expenses can have a huge impact on the financial statements. Incorrectly

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Revenue Recognition Solutions

K’s Bounce House Adventures rents bounce houses to individuals and corporations for parties. K’s has the following transactions during the month of February. Record the necessary journal entries. Feb

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The Trial Balance

The trial balance is a list of all the accounts a company uses with the balances in debit and credit columns. There are three types of trial balances: the unadjusted trial balance, the adjusted trial balance

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