Financial Accounting Fundamentals
The building blocks of accounting - start here if you're new
Table of Contents
The Foundation
Start here - the core concepts everything else builds on
What is Accounting?
Definition, purpose, and who uses accounting information
The Accounting Equation
Assets = Liabilities + Equity - the fundamental balance
Debits and Credits Explained
PopularThe T-account visual and the golden rules
Double-Entry Accounting
Why every transaction has two sides
Recording Transactions
How to capture and organize financial events
The Accounting Cycle
The complete 10-step process from transaction to statements
The Complete Accounting Cycle
PopularAll 10 steps visualized and explained
Trial Balance
Verifying that debits equal credits
Adjusting Entries
Accruals, deferrals, and period-end updates
Closing Entries
Resetting temporary accounts for the new period
Financial Statements
The output - reports that tell the financial story
Financial Statements Overview
PopularThe Big 4 and how they connect
The Income Statement
Revenue - Expenses = Net Income
The Balance Sheet
A snapshot of financial position
Statement of Cash Flows
Operating, Investing, and Financing activities
Statement of Retained Earnings
Tracking equity changes over time
Key Concepts
Important principles and methods
Practice These Fundamentals
Practice journal entries, T-accounts, and more with interactive exercises in our Learning Lab.
Try It in the Learning Lab→