http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/ Learn Right, Not Rote. Fri, 10 Feb 2012 02:50:41 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-6427 How to Learn Accounting on Your Own Thu, 27 Oct 2011 08:54:39 +0000 http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-6427 [...] http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/ [...] [...] http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/ [...]

]]> http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-4252 SN Fri, 24 Jun 2011 14:51:13 +0000 http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-4252 To assist with (T) Accounts, I was taught to categorize the transaction in the following way - Personal (Accounts Receivable and Accounts Payables) As the name suggests it would be a person/company and the entry format is Debit the Receiver and Credit the giver - Real Account (Cash, Property,Buying and Selling of Goods and Services that directly affect your business) In this case Debit what comes in and Credit what goes out - Nominal Account (Debit all expenses (losses) Credit all income (revenue) Based on the above you can qualify what items go where. Nominal Accounts (transactions) are the ones that go into a Income Statement. The Real Accounts & Personal Accounts are the ones that go into the Balance Sheet Hope this helps To assist with (T) Accounts, I was taught to categorize the transaction in the following way
- Personal (Accounts Receivable and Accounts Payables)
As the name suggests it would be a person/company and the entry format is Debit the Receiver and Credit the giver
- Real Account (Cash, Property,Buying and Selling of Goods and Services that directly affect your business)
In this case Debit what comes in and Credit what goes out
- Nominal Account
(Debit all expenses (losses)
Credit all income (revenue)
Based on the above you can qualify what items go where.
Nominal Accounts (transactions) are the ones that go into a Income Statement.
The Real Accounts & Personal Accounts are the ones that go into the Balance Sheet
Hope this helps

]]> http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-4251 Kalid Sun, 17 Apr 2011 02:47:03 +0000 http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-4251 @newby: Thank you! I really want to boil ideas into their bare essentials, and hopefully have some fun along the way :). @newby: Thank you! I really want to boil ideas into their bare essentials, and hopefully have some fun along the way .

]]> http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-4250 newby Fri, 15 Apr 2011 18:24:08 +0000 http://betterexplained.com/articles/understand-accounting-basics-aloe-and-balance-sheets/#comment-4250 This website info on accounts is SHORT, SWEET AND SIMPLIFIED. You successfully simplified and "funnified" a complex subject....accounts. This website info on accounts is SHORT, SWEET AND SIMPLIFIED. You successfully simplified and “funnified” a complex subject….accounts.

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