Soft skills that give you an Edge

Debits and Credits

Debit and credit are formal bookkeeping and accounting terms. They are the most fundamental concepts in accounting, representing the two sides of each individual transaction recorded in any accounting system.

Entering Assets and Liabilities in Your Books

Beyond simply tracking revenues and expenses, one should also keep track of assets and liabilities in any business.

Simple Accounting Entries Explained

In modern bookkeeping systems each entry has to have both a debit and credit side, and these must be equal to each other. Most basic bookkeeping entries are done through the company’s bank account, which makes one side of the entry very simple. It is always the other side that seems to confuse people.

Balance Sheet

In financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances.

Accounting Discussion

Soft skills that give you an Edge

Like in other jobs, good accountants must possess soft skills apart from the specialized technical skills they have already obtained. Studies show that there is a rising importance of soft skills rather than purely mastering technical skills in each field, and that honing both would give one an edge or a better chance of climbing up the career ladder. The path to get to that spot may not be as clear... [Read more]

Accounting Homework

Entrepreneurs Accounting Academy is a prime accounting school in the Philippines. We do customized training for accounting and finance for individual entrepreneurs and large corporations. Customers are coming back to us because we made accounting easy. Entrepreneurs Accounting Academy has a new service which is helping accounting students ease their burden on their accounting homework. Just email us... [Read more]

Debits and Credits

I remember when I was still an accounting student that the first problem and the biggest problem was how to understand and remember when to debit an account and when to credit and account. I guess every accounting student is faced with this dilemma. I was always searching for ways to memorize concepts in such a way that they remain in some compartment of my brain. I remember my teacher telling us to... [Read more]

Entering Assets and Liabilities in Your Books

Beyond simply tracking revenues and expenses, oen should also keep track of assets and liabilities in any business. This is commonly overlooked by many small business owners, or they try to track it in their head. A complete bookkeeping system will help you to track all aspects of your business finances. Business Liabilities The liabilities of the business are what it owes to people or businesses outside... [Read more]

Simple Accounting Entries Explained

Accounting is easy. It just requires a meticulous eye and a critical mind to pass it....
Finance is not accounting. Finance starts where accounting ends....
Understand why a thing is done before memorizing it. You will be able not only to memorize but also to retain what you have learned longer....
Assets are resources of the company which give them future value. You need not own a resource in order for it to become an asset. An example of this would be leasehold im...
Come to think of it, accounting is just basically counting. You count whether what you have is right and account for all that you have done....
Credit means right side entry. It does not mean that you have to deduct or add. It just signifies where the entry is going to be placed....
Debit means left side entry. It does not mean that you have to deduct or add. It just signifies where the entry is going to be placed....
Equity is the net worth of the business. For start-up corporations, these may be the capital infused into the organization. As the organization operates these would consi...
Expenses are assets that have expired, been consumed or become cost of goods sold and no longer have future economic value....
If the accounting equation is hard to remember, then assign the elements to your hands. Assign assets to your thumb, liabilities to your forefinger, equity to your middle...
In order to remember whether an element is to be debited or credited, just remember the accounting equation. The accounting equation is assets = liabilities and equity. N...
Liabilities are debts of the company from a past transaction which would require future sacrifice of company resources in order to be paid....
Simply put, revenue is sales. These are the amounts you charge your customers minus the applicable sales tax that have been included....
The normal side of a liability is credit. To increase a liability is to credit the liability....
The normal side of an account is the side where you put the entry to increase the account. The opposite side is where you put the entry to decrease the account....
The normal side of an equity account is credit. To increase the equity is to credit the equity....
The normal side of assets is debit. To increase an asset is to debit the asset....
The normal side of expenses is debit. To increase expenses is to debit the expense....
The normal side of revenue is credit. To increase the revenue is to credit the revenue....
You have five elements of financial statements. These are the assets, liabilities, equity, revenue and expense (alere)....
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