i was only wondering if someone could assistance me with the small investigate beam for my accounting class…maybe an easy approach to block report in to T-accounts as well as an easy approach to figure out what falls underneath revenues, assetts, etc.etc. im only unequivocally confused as well as i HATE not bargain it..lol…any report as well as tips would REALLY assistance me..Thank You =)
FINANCIAL ACCOUNTING HELP FOR MY CLASSPLEEZ=)?
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Don’t you have a text book?
I took Financial Accounting too … I hated it, but I always got A’s. What I recommend is if you don’t understand something, just read that part of the book again. Sometimes you need to read it more than once because it’s just hard to get your mind around. Also, there are usually sample problems in the book.
there is no easy way out. you just have to remember the principles of accounting. let me help you along a little.
The Balance Sheet is divided into 2 sections : Assets and Liabilities. Assets are things that the company owns like equipment, buildings, furniture, cash, bank accounts, etc. Liabilities are what the company owes like creditors, outstanding taxes, bills payable, money owed to investors, loans, etc.
The Profit and Loss statement : basically calculates your profit/loss in doing business. So revenues minus expenses equals profit/loss. Simple as that. Revenues are money/income earned by the company in conducting their business. expenses are costs that the company incurs in generating that revenue, eg. rent, power utility bills, salaries, cost of buying the goods, etc.
i can’t put it any simpler than that.
I know where you are coming from. Keep reading the text book and asking questions. When I started accounts it was a nightmare but now I am fully qualified.
Incidently, an asset is something which lasts, for example more than a year whilst reveune is something which affects the accounts now.