Intro to Business › Section N · Financial information and accounting › Topic N.2
Basic accounting procedures and the accounting equation
Behind every financial statement sits one short equation and a routine that turns receipts and invoices into reports. Learn the equation and the cycle, and you can follow how any transaction finds its way into a company's accounts.
In this topic
- A five-hundred-year-old method
- Assets, liabilities and owners' equity
- The accounting equation
- Double-entry bookkeeping
- Worked example: a first month in the equation
- How profit fits in
- The accounting cycle
- What the trial balance can and cannot catch
- Worked example: finding the missing figure
- Software does the posting
- Common mistakes to avoid
- Key takeaways
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