O'Reilly logo

Intermediate Accounting For Dummies by Maire Loughran

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 4

Reviewing the Accounting System

In This Chapter

arrow Reviewing accounting terms

arrow Understanding the fundamental accounting equation

arrow Walking through a trial balance

arrow Becoming familiar with journals and ledgers

arrow Writing journal entries

arrow Adjusting, closing, and reversing entries

There’s no getting around it: you must have a system in place to collect financial information in order to effectively and efficiently produce accurate financial statements. This process of collecting, sorting, and entering accounting data into business accounting software is called the accounting cycle. It’s perhaps not the most stimulating of activities, but following a systematic accounting cycle helps reduce errors and provides a consistent approach to business accounting.

In this chapter, the first step is to get up to speed on the language of accounting. Feeling a little hazy on whether you debit or credit ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required