BA1 Lesson #8 - The Accounting Equation and Making Tabular Analysis

On our last topic you have learned how to analyze business transactions and you are able to identify the affected accounts. This time, we will discuss the accounting equation. It is very important for you to know the accounting equation because at the date of financial statements preparation, your total assets must equal to the sum of your total liabilities and your...

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BA Lesson #7 - Analyzing Business Transactions

Welcome to our seventh lesson! From the definition of accounting, to its history, to the generally accepted accounting principles, and lastly to the elements of financial statements, we think that you are well-equipped to jump on this seventh lesson as we discuss Analyzing Business Transactions. Analyzing business transactions is the number one step for you to grasp the...

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BA Lesson #6 - Elements of Financial Statements

Hey buddy! You’re on our sixth lesson and today, we will discuss the elements of financial statements. Knowing the elements of financial statements is very vital for you to understand the concept of debits and credits, which is the life of accounting. So let’s get started! Note that these are just the basic elements of financial statements and we will discuss the remaining...

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BA Lesson #5 - Generally Accepted Accounting Principles

Accounting is very conservative. It requires unity, comparability and understandability. To achieve these, accountants follow Generally Accepted Accounting Principles. As starting accountancy students, it is very essential for you to know the Generally Accepted Accounting Principles because there are times that you have to intellectually assume principles and treatments...

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BA1 Lesson #4 - Types of Business as to Activities

Hi there! Welcome to the fourth lesson of The Accounting Buddy. This lesson is just a continuation of our previous topic about the types of business. In our previous lesson, we have discussed the types of business as to organizations namely sole proprietorship, partnership and corporation. This time, we will focus on the types of business as to activity. The following...

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BA1 Lesson #3 - Types of Business as to Organization

       Different accounting treatments are applied depending on the nature, structure and types of the business. In this lesson, we will cover the different types of business for you to grasp the necessary accounting requirements and treatments for these.  Actually, the types of business can be enumerated as to 1) organization and as to 2) activity....

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