The following 5 chapters on AccountingLingo provide a general overview of accounting. They can be read in a single sitting or reading one per day may be best if a slower pace is desired. Each chapter is a 10-20 minute read.
Chapter 1
Topics Covered:
- Understanding Accounting
- Types of Accounting
- Accounting Careers
- Where Accountants Work
- Why Work in Accounting?
Chapter 2
What are Accounting Principles?
Topics Covered:
- Principles Reasoning
- The Three Cs
- Commonly used Principles
- What is GAAP?
- 10 Key Principles of GAAP
- What is IFRS?
- IFRS vs GAAP Differences
- Principles Origination
- GAAP Principles by Hierarchy
Chapter 3
What are Financial Statements?
Topics Covered:
- Purpose of Statements
- The Balance Sheet
- The Income Statement
- The Cash Flow Statement
- Shareholder Equity Stmt.
- Comprehensive Income Stmt.
- Non-Profit Financial Stmt.
- Consolidated Financial Stmt.
- Limitations and Disadvantages
- Benefits and Advantages
- Financial Ratio Calculations
- Standards and Regulations
- Audit and Legal
- Analysis and Discussion
- Notes Throughout Statements
- Reading Financial Statements
- Personal Financial Statements
Chapter 4
Topics Covered:
- Understanding an Asset
- Characteristics of an Asset
- Tangible vs Intangible
- Asset Types
- Classification of an Asset
- Assets in Accounting
Chapter 5
Topics Covered:
- Characteristics of a Liability
- Understanding Liabilities
- Liabilities in Accounting
- Types of Liabilities
- Liabilities Example
- Ratios using Current Liabilities
- Assets vs Liabilities vs Equity
- Debits and Credits
- Liabilities vs Expenses
- Identifying a Liability
- Current Liabilities vs Long-Term
- What is a Contingent Liability?
- Liabilities of Individuals
- Are Liabilities Good to Have?
- Other Definitions of a Liability
- What is Liability Insurance?