Common Topics in Basic Accounting that You should Know about

Among the topics covered in basic accounting are the following:

·         Definition of Accounting

·         Role of Accounting in Businesses

·         Types of Businesses

·         Types of Ownership Structure

·         Basic Elements of Accounting

·         Accounting Processes

·         Accounting Equation

·         Business Transactions

·         Financial Statements

·         Double Entry Accounting

·         T - Account

·         Rules of Debit and Credit

·         Rules of Liability and Owner’s Equity

·         Trial Balance

·         General Journal

·         General Ledger

·         Chart of Accounts

·         Cash Basis Vs. Accrual Basis of Accounting

·         Adjustments and Adjusting Entries

·         Accruals and Deferrals

·         Adjusting Process

·         Accounting Cycle

·         Worksheet

·         Financial Statements (Balance Sheet and Income Statement)

·         Accounting Cycle for Merchandising Business

*The italicized items are considered by some as difficult topics

If you are adept on the above topics already, you can surely be considered as an accountant regardless of the course you are taking.