Financial Statements – Overview

After preparing your adjusted trial balance, the next step in the accounting cycle is to prepare your financial statements. Learn about the balance sheet, income statement, statement of cash flow, and retained earnings statement in this tutorial. Continue reading

Debits and Credits

The most critical concept for any accounting student to master is an understanding of debits and credits. Many textbooks can be confusing, but this tutorial should put you on the right path. Continue reading

Adjusting Entries in Accounting

Adjusting Entries are journal entries that are made at the end of the accounting period to adjust expenses and revenues to the accounting period where they actually occurred. Learn from examples of each type in this tutorial. Continue reading

My Accounting Cycle: Flash Cards

Use these flash cards to practice your grasp of debits, credits, the journaling process, and other terms associated with the accounting cycle. Continue reading