Accounting 101 Basics. Basic accounting provides information to identify and classify financial transactions. ... balance sheet and cash flow statement are the most common financial reports.

It is also the accounting equation in financial statement form. It is expressed as: Assets = Liabilities + Owners’ Equity. This equation must always be in balance. Always! (Hence the name balance ...

Microsoft Office Excel was designed to support accounting functions such as budgeting, preparing financial statements and creating balance sheets. It comes with basic spreadsheet functionality and ...

Accounting is the practice of tracking your business's financial data and interpreting it into valuable insights. This allows you to generate crucial financial statements, such as a balance sheet ...

The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals.

Current assets include cash and any other asset that can be turned into cash within one year of the date of the balance sheet. The acid test, or quick, ratio is a more stringent current ratio. The ...

Accounting Basics for In-House Counsel. ... The general ledger is essentially a database of income statement and balance sheet accounts that are used to categorize and store all the company’s ...

Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of ...

That’s why we put together this list of basic accounting terms and concepts. After reading through these terms, you’ll have a better understanding of the money world. Whether it’s to understand your ...