This is not a post on the basics of accounting, this is a personal blog after all. This is to remind me of paths taken, to solidify what I’ve learned, and something to look back at as a reference.
I found this great site full of useful information: accountingverse.com
I know a lot of the basics already, but I’m brushing up on some terminology and theories with which I’m less familiar. I’m doing this because my business processes course is full of business majors with prior experience in accounting which will come in handy for segments of this course’s objectives.
The T chart, as my professor calls it, is about debit and credit. A concept that seems easy on the surface, but there’s more to it. It’s the “double-entry” method dating back to the 15th century.
In essence, there are multiple accounts which need to maintain a balance. Different accounts take either a credit or debit and are balanced. Here’s a chart:
|Accounting Element||To Increase||To Decrease|