Brain Bites: Business Accounting Basics. Part 1

Confused by debits, credits, balance sheets, and other business accounting terms? Because having a working knowledge of the terminology is the first step to having a strong understanding of business accounting, this is the course for you! Learn the terms and concept you need to understand the fundamentals of financial accounting. In this course, you‚It’ll learn the vocabulary necessary for understanding the accounts, ledgers, and reports associated with double-entry bookkeeping. You‚It’ll learn the function of the accounting equation and how it applies to the balance sheet. You‚It’ll also learn the different categories of assets and liabilities, why equity is also called net worth, and how an account‚It’s normal credit balance affects the application of debits and credits. Finally, you‚It’ll learn the purpose for each of the three main financial reports: the balance sheet, the income statement, and the cash flow statement and how to differentiate between the accrual basis and cash basis accounting methods.