In this article we break down the differences between Depreciation, Amortization, and Depletion, discuss how each one is used, and what the journal entries are to record each. The main difference...
Category: Accounting Basics
Depreciation Expense and Accumulated Depreciation can be a hard concept for accounting students. It's easy to get confused or struggle to understand what goes where in a journal entry and to keep the...
One of the most confusing chapters in your first accounting class is the bad debts and allowance for doubtful (uncollectible) accounts chapter. Here, we will break it down step by step and provide...
An Asset is a resource owned by a business. A resource may be a physical item such as cash, inventory, or a vehicle. Or a resource may be an intangible item such as a copyright or trademark. Assets...
The first four chapters of Financial Accounting or Principles of Accounting I contain the foundation for all accounting chapters and classes to come. It's critical for accounting students to get a...
For decades one man's name has appeared as author on scores of accounting textbooks. Who is this shadowy figure who makes accounting students cry? We investigate! (Who says we can't have fun with...
