Ch 12: Double-Entry Accounting Overview

About This Chapter

Learn more about the basics of the double-entry accounting system using this brief chapter. Refer to the lessons comprising this chapter to help you study for accounting or business class tests or even to prepare for student assessment or other types of exams.

Double-Entry Accounting Overview - Chapter Summary

Why is the double-entry accounting system used? What is the importance of adjusting accounting entries? What is the use of stock cards? These questions represent the types of subjects addressed in this chapter.

Through examples and definitions, you will develop a deeper understanding of various aspects of this accounting system. After you have reviewed the material in this chapter, you should be able to:

  • Describe the double-entry accounting method
  • Identify types of account adjustments and explain why they are important
  • Use stock cards for cash and credit purchases and understand the First In, First Out method
  • Define GST Clearing Accounts

Follow short video and text lessons that provide expert instruction and 24/7 accessibility from any device. You can view or read the lessons as many times as needed to fully grasp each concept and prepare yourself to take self-assessment quizzes to gauge how much you have retained from this chapter. Track your progress as you move from one lesson to the next using your handy Dashboard.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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