Accounting 101 Topics

Welcome to

The goal of this site is to make learning accounting easier, and to provide a helpful resource for anyone who wants a better understanding of how accounting works.

Choose a topic below to get started…

What Is Accounting?

Accounting is the language of business… it allows us to understand what is going on with every part of a business in a systemized, and organized way.

Introduction to Accounting

In this section you’ll learn the basics of accounting such as the accounting equation, the balance sheet, income statement, and cash flow statement.

Balance Sheet Example

This video and explanation will show you how a balance sheet is structured, and will help you understand what the different sections of the balance sheet mean.

The Best CPA Review Courses

Read my reviews of the best CPA review courses.


  • Ahmed El Borno

    Reply Reply July 14, 2012

    Good educational material

    • mohsin

      Reply Reply January 31, 2013

      nice explanatioon

  • Amy

    Reply Reply August 28, 2012

    I hope its easy.

  • gopal

    Reply Reply December 16, 2012

    hi…. i’m gopal i want to know how i can prepare cost sheet from financial statement of a company,,

  • Stacy

    Reply Reply February 11, 2013

    Here is financial statement information on four not-for-profit clinics:

    Pittman Rose Beckman Jaffe
    Dec. 31, 2010:
    Assets $80,000.00 $100,000.00 g. $150,000.00
    Liabilities $50,000.00 d. $75,000.00 j.
    Equity a. $60,000.00 $45,000.00 $90,000.00
    Dec. 31,2011:
    Assets b. $130,000.00 $180,000.00 k.
    Liabilities $55,000.00 $62,000.00 h. $80,000.00
    Equity $45,000.00 e. $110,000.00 $145,000.00
    During 2011:
    Total Revenues c. $400,000.00 i. $500,000.00
    Total Expenses $330,000.00 f. $360,000.00 l.

    Fill in the missing values labeled a through l.

  • Stacy

    Reply Reply February 11, 2013

    I only don’t understand how to figure out total revenue and total expense with the information given

  • izzuddin

    Reply Reply February 12, 2013

    can someone explain what is notes payable

  • akram

    Reply Reply February 19, 2013

    Assume that Lehman Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and Allowances $11,000; Purchase Discounts $7,000; and Freight-in $16,000. Determine net purchases and cost of goods purchased.

  • carlos

    Reply Reply October 6, 2014

    Hi When you say do the questions are you referring to the exam questions and not the proficiency questions right, as the proficiency questions are not included in the test bank right?

    • Nate

      Reply Reply October 10, 2014

      Carlos- correct, I’m referring to the ‘exam questions’. The proficiency questions I didn’t use much at all.

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