Ch 2: Recording & Planning in Accounting

About This Chapter

With our assistance, you can learn about the recording and planning steps necessary in the accounting process. The video lessons and quizzes with immediate feedback give you solid examples that can guide your success on a future test.

Recording & Planning in Accounting - Chapter Summary

This chapter's lessons take you on a journey through the recording and planning stages of the accounting process. Interesting videos could place a graphic representation in your mind and ensure you're able to do the following:

  • Define accounts and put them to use in separating transactions
  • Explain chart of accounts and ledgers and use them effectively
  • Compare accounting's debits and credits
  • Analyze business transactions with the accounting equation
  • Perform journal entries and find a trial balance
  • Understand the matching principle
  • Explain historical costs
  • Find the time value of money

Our instructors will show you clear examples of the topics listed above and then offer self-assessing quizzes so that you can evaluate your learning and get valuable practice for the test. After working your way through the lessons and quizzes, you'll see if any areas still need your attention.

7 Lessons in Chapter 2: Recording & Planning in Accounting
Test your knowledge with a 30-question chapter practice test
What Are Accounts? - Definition and Use to Categorize Transactions

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.

Ledgers and Chart of Accounts: Definitions and Use

2. Ledgers and Chart of Accounts: Definitions and Use

There are several key concepts that are important to learn when it comes to accounting. In this lesson, you will learn about the ledger and the chart of accounts.

Understanding Debits and Credits in Accounting

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.

Using the Accounting Equation: Analyzing Business Transactions

4. Using the Accounting Equation: Analyzing Business Transactions

Transaction analysis can be a tricky task. In this lesson, you will learn what transaction analysis is, how to analyze a transaction, and how it is related to the accounting equation.

Journal Entries and Trial Balance in Accounting

5. Journal Entries and Trial Balance in Accounting

There are several concepts that make up an accounting cycle. In this lesson, you will learn about two of those - journal entries and the trial balance.

Using the Accounting Equation: Adding Revenues, Expenses & Dividends

6. Using the Accounting Equation: Adding Revenues, Expenses & Dividends

Accounting is built on a solid foundation called the basic accounting equation. In this lesson, you're going to learn what happens when you add revenue, expenses, and dividends to the basic equation.

Present and Future Value: Calculating the Time Value of Money

7. Present and Future Value: Calculating the Time Value of Money

A central concept in business and finance is the time value of money. We will use easy to follow examples and calculate the present and future value of both sums of money and annuities.

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.
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