A T-account is used as a tool to help accountants see the balances of accounts.

Explain the posting process (in your own words) in a step by step format using bullet points.

GAAP stands for Generally Aligned Accounting Partners.

CPA stands for Certified Private Accountant.

Explain why it is so important that the accounting equation remains in balance.

What is the best description for the journal entry below? Aug 15     Equipment 1000                        Cash       1000                     ????????????

The objective of most businesses is to earn a profit.

When using a T account, the left side of the account always represents the debit side while the right side always represents the credit side.

The annual accounting period for a business is called the fiscal year.

When journalizing a transaction, the debits and credits need to be equal.