About This Chapter
Accounts, Debits & Credits - Chapter Summary
This chapter's lessons look at the meaning of the word 'account' and at ways accounts can be classified. The meaning of debit and credit are also examined. Topics covered in this series of lessons and quizzes include:
- Classifications of accounts and what they mean
- Differences in permanent and temporary accounts
- What debits and credits signify in accounting
These lessons are short, only about five to ten minutes in length. Your employees can watch them as individuals or in a group. The lessons are available anytime, on a computer, tablet or smartphone. Each lesson is accompanied by a short quiz, and there is an exam at the end of every chapter. At the end of the course, a final exam lets you assess their learning.
How It Helps
- Prevents misunderstandings: Employees who watch these lessons have the same basic knowledge of accounts, debits and credits and understand their importance.
- Provides knowledge: Use these lessons to help employees recognize when to classify account as temporary or permanent.
- Educates employees: Non-accounting employees can learn how accounting documents are used and the importance of keeping accurate records to track debits and credits.
When these lessons are finished, your employees should be prepared to:
- Explain what accounts are
- Describe how accounts can be classified
- Define permanent and temporary accounts
- Know the difference between debits and credits
1. What Are Accounts? - Definition and Use to Categorize Transactions
Everything in this world is made up of parts. Accounting is no different. The numerous parts that exist in the accounting world are called accounts. In this lesson, you will learn what accounts are, how they are classified, and what they do.
2. Temporary & Permanent Accounts: Definition & Differences
Accounts are classified in a variety of ways in accounting. In this lesson, you will learn about two types of account classifications: temporary and permanent accounts.
3. Understanding Debits and Credits in Accounting
Debits and credits are major players in the accounting world. In this lesson, you will learn just what debits and credits are and why they are important to accounting.
4. Practical Application in Accounting: Evaluating Debit & Credit Business Transactions
Understanding the definition and correct use of debits and credits is a key component of accurate accounting. You'll get to learn more about that and get to evaluate a scenario in which you will correct errors in debit and credit entries.
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