Table of Contents

Accounting Tutorial Introduction Debits and Credits Set #3 End of Period Closing Entries
Overview of the Accounting System Debits and Credits Set #4 Closing Entries (Continued)
The Accounting Cycle Debits and Credits Set #5 Financial Statements
Learning Asset Account Names Debits and Credits Set #6 Reconciling a Bank Statement
Learning Liability Account Names Debits and Credits Set #7 Petty Cash
Learning Owner's Equity Account Names Debits and Credits Set #8 Bad Debts
Understanding Debits and Credits General Journal Entries
Debits and Credits Set #1 End of Period Adjusting Entries
Debits and Credits Set #2

Adjusting Entries (Continued)

Main information on the site is divided into three sections: Lessons, Problems, and Solutions. Look at the lessons before attempting to solve problems and checking answers. Lessons provide theoretical material and sample problems with solutions. Each lesson is devoted to a specific topic. In order to start with a lesson, simply click on a link. Alternatively, you may click on a lesson in the left menu. Below you can find short descriptions of the lessons.

Lesson 1 - 
accounting and its role, accounting information, elements of financial reporting, fundamental accounting equation, introduction to accounting entries.
Lesson 2 - 
accrual accounting, events recording under accounting equation, revenues and expenses, adjusting entries.
Lesson 3 - 
deferrals, events recording under accounting equation, financial statements preparation, costs vs. expenses.
Lesson 4 - 
double-entry accounting system, T-account, debit and credit, closing entries, general journal records.
Lesson 5 - 
service vs. merchandising companies, product vs. selling and administrative costs, perpetual and periodic inventory systems, single- and multistep income statements.
Lesson 6 - 
allowance and direct write-off methods for bad debts, credit purchases, warranty obligations, discount notes.
Lesson 7 - 
inventory cost flow methods (FIFO, LIFO, etc.), sample computations for these methods and respective financial statements differences, lower of cost or market rule for inventories.
Lesson 8 - 
tangible vs. intangible assets, historical cost of assets, depreciation methods, natural resources and depletion, intangible assets and amortization, goodwill.