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Read this very informative blog helpful for you The Ultimate Guide to Writing a Business Accounting Assignment The process of documenting financial transactions that impact a specific business, creating multiple financial statements, and creating pertinent reports based on these financial statements in order to allow stakeholders to assess an organization’s performance in a given amount of time. The fundamental focus of college courses, whether traditional or online, is writing clearly and concisely. click for continue reading https://lnkd.in/etfaj6Zb

✨️COMMITTED TO EMPOWERING ICAN FINANCIAL ACCOUNTING STUDENTS✨️ TOPIC REVIEW: ACCOUNTING EQUATION When I started university, I was eager to put my savings to use and launch a small business. With 50,000 saved up, I decided to sell airtime/Recharge Cards, guided by advice from a mentor being a school environment. I used my 50,000 capital to set up my business. First, I invested 27,000 in essential equipment: a chair, table, and umbrella. This left me with 23,000 to purchase airtime/recharge cards from various networks. In accounting terms, the accounting equation is 🧨 Assets = Capital + Liabilities. 🧨 Here’s how it applies to my story: **Assets**: According to the International Accounting Standards (IAS), assets are resources owned by a business that are expected to provide future economic benefits. In my case, the assets were the chair, table, and umbrella, which will help facilitate the business operations. **Capital**: This is the initial investment made by the owner. In my scenario, my 50,000 capital was used to acquire assets and inventory. The equation in my situation looks like this: Assets = Capital.......... eqn (i) - Assets: 27,000 (chair, table, and umbrella) + 23,000 (airtime stock) = 50,000 - Capital: 50,000 In simple term, Accounting Equation implies, using what one has (Capital) to get what you wants (Assets)... There were no liabilities in this case, as the entire amount was invested by me without any external debt. Thus, my assets were fully financed by my capital, aligning perfectly with the accounting equation. Assets = Capital............ eqn (i) Please let me know how this resonates with you and you are free to drop your comments. This equation is very important and this is the foundation of all the postings in our books. We would continue tomorrow...

Your Daily Accounting Briefing - 2024-02-21 Let's see what's in the news today: #accounting #finance #news

Accounting QuickStart Guide: The Simplified Beginner's Guide to Financial & Managerial Accounting For Students, Business Owners and Finance Professionals FOR BUSINESS OWNERS Learn how to control your cash flow, audit-proof your business, and increase your profits. Accounting QuickStart Guide will teach you the key insights to boost your bottom line in an easy-to-read, informative format. FOR ACCOUNTING STUDENTS: Learn the fundamental principles of both financial and managerial accounting in an engaging and educating format that you simply will not find in any textbook. Understand core accounting concepts such as the fundamental accounting equation, financial statements, managerial accounting and more through practical, real-world examples. Utilize Accounting QuickStart Guide to supplement existing material for high school, undergraduate, or graduate courses. YOU WILL LEARN: The Logic and Methods of Classic Double-Entry Accounting! Business Entity Types; Their Pros, Cons and Their Financial Statements! The Principles of Financial Accounting, Managerial Accounting and Tax Accounting! GAAP Standards and Why They Matter to Accountants! How to Fraud-Proof Your Business Using Simple Accounting Tactics! QuickStart Guides are books for beginners, written by experts. *FREE ACCOUNTING DIGITAL RESOURCES: Each book includes tons of online resources including workbooks, cheat sheets, calculators reference guides, chapter summaries and more! Follow the instructions in the book to receive your free digital resources.* *GIVING BACK* QuickStart Guides proudly supports One Tree Planted as a Reforestation partner. Working with One Tree Planted, we plant trees where they are needed most! hashtag #Accounting hashtag #accountingservices hashtag #accountinglife hashtag #accountingsoftware hashtag #accountingmajor hashtag #accountingmemes hashtag #accountingsystem hashtag #accountingtutor hashtag #accountingfirm hashtag #accountinghubng hashtag #accountinghub hashtag #accountingandfinance hashtag #AccountingClass hashtag #accountingplanning hashtag #accountingstudent hashtag #accountingsolutions hashtag #accountingstartup hashtag #accountingcoach hashtag #accountingtips hashtag #accountingproblems hashtag #accountingservice hashtag #accountingmiami hashtag #accountinglive hashtag #accountingoffice hashtag #accountingteam hashtag #accountingterms hashtag #accountingmanager hashtag #accountingjobs hashtag #accountingservicesofnyinc hashtag #accountingdepartment https://amzn.to/3VnpNWp

Book Review: "Principles of Accounting" by Belverd E. Needles and Marian Powers "Principles of Accounting" by Belverd E. Needles and Marian Powers is a foundational text that offers a well-rounded introduction to accounting. It’s an excellent resource for students and professionals alike, providing a solid grounding in accounting principles and practices. Key Highlights: Comprehensive Coverage: The book thoroughly covers the essential principles of accounting, including financial statements, the accounting cycle, and the role of accounting in business decisions. It’s designed to build a strong foundational understanding. Engaging and Accessible: Needles and Powers do an excellent job of presenting complex accounting concepts in a clear and engaging manner. The text is student-friendly, with concise explanations and a logical progression of topics. Practical Examples: The authors include numerous real-world examples and case studies that bring the material to life. These examples help readers see the relevance of accounting in everyday business situations. Strong Pedagogical Features: Each chapter includes learning objectives, key terms, review questions, and problem sets, making it easier for readers to reinforce their understanding and apply what they’ve learned. Focus on Decision-Making: The book emphasizes the importance of accounting in business decision-making. It’s not just about learning the mechanics of accounting but understanding how financial information can drive better business strategies. Conclusion: "Principles of Accounting" by Belverd E. Needles and Marian Powers is a must-read for anyone looking to grasp the fundamentals of accounting. It’s an excellent starting point for students and a valuable reference for professionals. With its clear explanations, practical examples, and emphasis on decision-making, this book equips readers with the knowledge and skills necessary to succeed in the field of accounting. #BookReview #PrinciplesOfAccounting #BelverdNeedles #MarianPowers #Accounting #FinancialEducation #BusinessAccounting #ProfessionalDevelopment #Finance #BusinessDecisions

Accounting QuickStart Guide: The Simplified Beginner's Guide to Financial & Managerial Accounting For Students, Business Owners and Finance Professionals  FOR BUSINESS OWNERS Learn how to control your cash flow, audit-proof your business, and increase your profits. Accounting QuickStart Guide will teach you the key insights to boost your bottom line in an easy-to-read, informative format. FOR ACCOUNTING STUDENTS: Learn the fundamental principles of both financial and managerial accounting in an engaging and educating format that you simply will not find in any textbook. Understand core accounting concepts such as the fundamental accounting equation, financial statements, managerial accounting and more through practical, real-world examples. Utilize Accounting QuickStart Guide to supplement existing material for high school, undergraduate, or graduate courses. YOU WILL LEARN: The Logic and Methods of Classic Double-Entry Accounting! Business Entity Types; Their Pros, Cons and Their Financial Statements! The Principles of Financial Accounting, Managerial Accounting and Tax Accounting! GAAP Standards and Why They Matter to Accountants! How to Fraud-Proof Your Business Using Simple Accounting Tactics! QuickStart Guides are books for beginners, written by experts. *FREE ACCOUNTING DIGITAL RESOURCES: Each book includes tons of online resources including workbooks, cheat sheets, calculators reference guides, chapter summaries and more! Follow the instructions in the book to receive your free digital resources.* *GIVING BACK* QuickStart Guides proudly supports One Tree Planted as a Reforestation partner. Working with One Tree Planted, we plant trees where they are needed most! #Accounting #accountingservices #accountinglife #accountingsoftware #accountingmajor #accountingmemes #accountingsystem #accountingtutor #accountingfirm #accountinghubng #accountinghub #accountingandfinance #AccountingClass #accountingplanning #accountingstudent #accountingsolutions #accountingstartup #accountingcoach #accountingtips #accountingproblems #accountingservice #accountingmiami #accountinglive #accountingoffice #accountingteam #accountingterms #accountingmanager #accountingjobs #accountingservicesofnyinc #accountingdepartment https://amzn.to/3VnpNWp

Hey business owners! 🏢 Check out this cheatsheet for maintaining strong financial health! 📊💪 P.S. I'm just a message away if you need any help! 💬 #Bookkeeping #FinancialTips #BusinessFinance #SmallBusiness #Entrepreneur

Decoding the Accounting Cycle Every Step Matters 👇 The accounting cycle a fundamental concept It serves as the backbone of our industry While many view it as a mundane process It ensures financial data's accuracy and reliability Here’s your 10-step accounting cycle checklist: 🔹 1. Identification of Transactions: Before any entry, recognize economic events relevant to the business. Whether it's a sale, a purchase, or any financial activity – if it can be measured, it starts here. 🔹 2. Documenting Transactions: Documentation is everything! Whether it's invoices, receipts, or purchase orders, ensure each transaction has a paper trail. 🔹 3. Journal Entries: The general journal becomes the initial home for our transactions. Using the double-entry system, each transaction impacts at least two accounts. 🔹 4. Posting to Ledger: From the general journal, these entries find their way into specific accounts in the general ledger – giving us a clearer picture of each account's status. 🔹 5. Trial Balance: Once the ledger's dust has settled, a trial balance is prepared to ensure the debits match the credits. It's a preliminary check before the real magic begins. 🔹 6. Adjusting Entries: Not all transactions fit neatly within an accounting period. Accruals, prepayments, and estimated items are adjusted to reflect the true financial picture. 🔹 7. Adjusted Trial Balance: Post adjustments, another trial balance is prepared to ensure everything still aligns. 🔹 8. Financial Statements: With all data refined and ready, the income statement, balance sheet, and cash flow statement come to life. 🔹 9. Closing the Books: Temporary accounts like revenues, expenses, and dividends are zeroed out to prepare for the next accounting period. 🔹 10. Post-Closing Trial Balance: One last check to ensure the books are balanced, and only permanent accounts remain active. —--------------- Each step ensures that our financial data is: 1. Accurate 2. Consistent 3. Ready for analysis 👉 Did I miss anything? Comment below —--------------- Hi! I’m Nathan Liao, Founder & CEO of: 🚀 CMA Exam Academy dot com - Pass the CMA exam on your first attempt! - 16-week Accelerator program (link in bio) - Students in 120 countries. 92% exam pass rate ➕ Follow me for accounting & finance insights

If you are a businessperson who is handling accounting or just wants a better understanding of accounting, you may want to take a basic accounting course to sharpen your skills #improvement #accountingskills #businessdevelopment #tipsandadvice

The Accounting Equation Credits to Josh Aharonoff, CPA, follow him for more practical finance content. Here's the original post ---- Learn The Accounting Equation like never before… I’m thrilled to announce the launch of our channel on Youtube today 🥳 Over the next several months, I will be uploading videos on Accounting, FP&A, and excel topics to help you continue to grow in your career 🚀 Like my content & infographics on linkedin? then you’ll LOVE the videos we’ll be producing on youtube…starting with this one on the accounting equation The Accounting equation is often times the first thing you’ll learn in a college Accounting course… and many would say it’s the most important concept in Accounting (hence the name) But what’s so special about it? Let’s dive in. ➡️ What the idea? This equation summarizes how a business can be interpreted using a report called a “Balance Sheet”. It introduces the concept of “double entry” accounting, where every transaction in a business affects 2 items in a balance sheet, and atleast 1 of these section. ➡️ What exactly does it mean? Let’s do a quick set of definitions… Assets → Items of economic value that the business owns or substantially controls (cash, receivables, inventory) Liabilities → amounts that you owe to creditors (credit cards, loans, deferred revenue) Owners Equity → amounts that the owners are owed (IE: what’s left after you subtract liabilities from assets) So the accounting equation explains that all of your assets came from either amounts funded by creditors (liabilities) or owners (owners equity) ➡️ What’s so special about that? Well…a lot. 1️⃣ It all balances Net Income is calculated on your P&L by taking all income accounts less all expense accounts. And that feeds into your owners equity via an account called retained earnings. So when net income goes up, your owners equity goes up… when net income goes down…your owners equity goes down. Since Assets must always = liabilities + owners equity, you know that the must be a corresponding effect in your assets or liabilities. 2️⃣ Debits & Credits Debits & Credits are the mechanism you use to showcase the movements of account balances in your general ledger. So however they work for Assets, is the complete opposite for how they work for Liabilities and Owners Equity. For example: Assets: ⬆️ Go up with a Debit, ⬇️ Go down with a credit Liabilities + Owners Equity: ⬆️ Go up with a credit, ⬇️Go down with a debit Now you know your debits & credits === I hope you enjoy our first video, because we have plenty more coming! Please don’t be shy and let me know your feedback in the comments below 👇 ---- Follow our page Accounting ABCs to learn more about the fundamentals of Accounting