Accounting 101 Homework Help
Accounting is the most basic subject for any commerce graduate. If you are interested in building your career as an entrepreneur, a sound knowledge of accounting goes a long way in deciding your success. A proficient accountant is the backbone of any business organization.
The subject of accounting 101 is covered in the very first trimester of the bachelor of commerce course. Those who have a liking for mathematics and economics and are looking forward to work as business managers should go for this degree.
Accounting gives the first insight to commerce graduates as how companies run their daily course. The subject is an introduction of the students to the world of business and accounting. It helps them to understand the terms used for daily transactions in the business trading. Accounting 101 opens their mind to practical application of various mathematical and economical formulae in used to run any business organization.
The basic chapters covered in Accounting 101 are:
- Debits and Credits: The subject covers the basic fundamental of debits and credits which also lays the foundation of understanding of the advanced levels of accounting. This topic also explains the concept of asset, liability, revenue, expense and equity.
- Journals: These are log for business transactions where entry of credit and debit is posted. It is a file which is used to record all the business transactions.
- General Ledger: The entries of journal are posted in general ledger usually at the end of each day. General ledger is often separated into categories of assets, liabilities, revenue, expense and equity.
- Income Statement: Usually at the end of each month, income statements are created to show the progress of the company. The total of general ledger accounts is transferred to the income statement which in turn reports net income or net loss of the company.
- Balance Sheet: It is a report that reflects company’s financial status on a specific date. It lists the company's assets, liabilities and equities. Required information is taken from income statement to formulate the balance sheet. It is a kind of report stating the company’s net worth or equity.
Highly skilled accountants are in great demand all over the world. As a career, accounting promises a lucrative and a well-paid line. Entrepreneurs or people in family business also need to have the complete understanding of the accounting principles to succeed in their career path. Apart from the bachelor of commerce, many universities offer various certificate courses in accounting 101 to working executives and part timers.
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