Accounting Courses

Accounting Courses: Associates (AS) in Accounting Earn an Associates degree in Accounting through distance learning and study at your own pace either online or through the mail. Visit the schools below to learn more about their programs. Many Schools offer free information or catalogues that will be mailed to you upon request Bachelor (BS) in Accounting Earn a Bachelor degree in Accounting through distance learning and study at your own pace either online or through the mail. Visit the schools…

Accounting Jobs

Accounting Job Guide

Thinking about a new career in Accounting or Finance? An education in, or understanding of, accounting and bookkeeping procedures can open many doors for new careers. Follow the links to the left to learn what the job outlook and education requirements are for some of the jobs held by people with accounting backgrounds Accountants & Auditors Key Points Most jobs require at least a bachelor’s degree in accounting or a related field. Jobseekers who obtain professional recognition through certification or…

Income Statement

Income Statement The income statement reports a company’s income or loss for a specific period.  It lists revenues and subtracts from them the period’s expenses. A positive balance results in an income and a negative balance indicates a loss.  In the example below revenues of $6,000 minus expenses of $3,000 results in a net income of $3,000. This figure is used in the Statement of Owner’s Equity Your Business Name  Income Statement For Month Ended June 30, 20XX Revenues Net sales…

Statement of Owner’s Equity Example

Statement of Owner’s Equity The Statement of Owner’s Equity shows the change in owner’s equity during a given time period. It lists the owner equity balance at the beginning of the period, additions and subtractions to the balance, and the ending balance. Additions come from owner investments and income; subtractions from owner withdrawals and losses. Your Company Name Statement of Owner’s Equity For Month Ended June 30, 20XX Joe Smith, capital, June 1, 20XX $10,000.00 Investment during the month 1,000.00…

Accrual versus Cash Basis Accounting

Accrual versus Cash Basis Accounting

Accrual versus Cash-Basis Accounting There are two ways companies can keep their accounting books: Cash Basis vs Accrual Cash-Basis The accrual basis is used by most companies; only very small businesses use cash-basis. Accrual Under the accrual method, expenses and revenue are recognized in the period they occur regardless of whether a cash transaction has occurred. For example, if a sale is made in January but payment is not expected until February, the revenue from the sale would be recognized…

Inventory Systems

Accounting Examples - Inventory Systems

Inventory Systems – Perpetual and Periodic There are two systems companies use to maintain inventory records Perpetual The perpetual system is used by most companies especially now that computerized record-keeping systems that tie inventory and sales together are widely available. Periodic The periodic system is generally used by small businesses that have minimal inventories. As shown in the examples given later, the accounts used and the accounting entries made in each system differ slightly. The following table summarizes the differences…