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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

Basic Accounting Concepts Learn the foundational accounting concepts, the ‘language of business’, in this free online course. Accounting is crucial to the successful operation of a company since it records and analyses business activity. Understanding its basic concepts is advisable to successfully distribute the accounting role in a business of any size. This course will cover important concepts from scratch, like accounting standards, double-entry, financial statements, and more, and will help you to understand these various divisions so you feel competent. https://lnkd.in/g7pbH52G

Exciting Milestone: Completion of Basic Accounting Course! I'm thrilled to share that I have successfully completed the Basic Accounting course from Alison. Throughout the course, I gained valuable insights into various fundamental accounting concepts that will serve as a solid foundation for my academic and professional journey. Here are some of the key topics I explored: 1. Accounting Principles: I learned the basic principles that form the backbone of accounting practices, such as the matching principle, accrual principle, and going concern principle. 2. The Accounting Equation: Understanding the relationship between assets, liabilities, and equity was eye-opening. The equation Assets = Liabilities + Equity is the cornerstone of all accounting activities. 3. Financial Statements: I studied the components of balance sheets, income statements, and cash flow statements, learning how businesses record and report their financial status and performance. 4. Double-Entry System: The principle behind double-entry bookkeeping was explored, where every financial transaction impacts at least two accounts. This ensures the accuracy of financial records. 5. Debits and Credits: I now fully understand how debits and credits work together in accounting, affecting various accounts like assets, liabilities, and equity. 6. Profit and Loss Statement: The profit and loss statement (P&L) allows businesses to track their revenues, costs, and ultimately, profits or losses over a defined period. 7. Cash Flow Management: Learning how to manage a business’s cash flow effectively by tracking inflows and outflows was one of the key highlights of the course. This course has greatly enriched my understanding and will undoubtedly be incredibly helpful for my academic pursuits, especially in my studies related to business and management. I’m excited to apply these concepts in real-world scenarios and continue learning! #Accounting #LearningJourney #Education #Alison #SkillsDevelopment

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

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

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

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

✨️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...

Basic Accounting Explore accounting principles and use unique visualization tools in this free online course. This course provides the building blocks of accounting and employs innovative business simulations to explain concepts like revenue, costs, assets, and liabilities. We show you how the ‘accrual’ principle creates a fundamental difference between profit and cash flow and how double-entry bookkeeping ensures that the ledger is always balanced. This course covers financial statements, accounting terminology,y and more. https://lnkd.in/gAWTv5b4