Our basic accounting lesson is designed to introduce you to the idea of double entry bookkeeping. Following our lesson you should have an understanding of when to debit or credit for a journal entry. We also have a short video to help remember the correct postings.

1. Basic Accounting – debits & credits
by fundsacademy.com

2. What is double entry bookkeeping?
• When a financial transaction is booked there
are two sides to the entry: a debit and a credit
• The accounting equation must be maintained
when posting journal entries

3. What is the accounting equation?
Assets = Liabilities + Owners Equity

4. There are five categories of accounts:
• Asset
• Liabilities
• Equity
• Revenue
• Expense

5. When should I debit or credit?
• First decide which category the account falls
into
• Secondly depending on whether you want to
increase or decrease you can use the following
table

6. Do I debit or credit?

7. Now take a read of below article
before finally taking the quiz!
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