Accounting Unit 2
This unit covers essential aspects of accounting including balance sheets, trial balances, T-accounts, journal entries, and income statements. Each lesson focuses on different elements of accounting practices and standards.
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Accounting Unit 2 Lesson 3: Trial Balance Provide totals with double underline Use balances from ledger accounts, enter amounts in either debit or credit column List accounts in same order as ledger Complete heading and date List of all accounts with current balances Lesson 2: T- Accounts Assets = Debit, Liabilities = Credit Debit on Left, Credit on right Lessons 1 : Balance Sheets Formatting Order of liquidity Maturity rate Statement heading Financial Worth Financial worth = Assets - Liabilities Lesson 5: The Journal Journal entry formatting Write explanation for the transaction Distinguish credit and debit entry Name of account debited & dollar amount in debit column Date Lesson 4: Income Statement Accrual vs Cash Accounting Accounting Standards Matching principel Time-period principle Accounting period Revenue - Expenses = Profit Net loss Net income Preparing an income statement List costs under "operating expenses" List income unde rheading revenue Date % Heading
