This topic of the financial management course on financial accounting principles is about financial accounting records and accounting equation. You must understand what accounts are and how to manage it.
This topic aims to increase your understanding of accouting equation and practices by solving the following problems:
- How do I decide what accounts I need for my accounting records?
- How does a transaction affect my books?
- What is the double entry principle?
- What does it mean when your books are balanced?
- How do I practically apply the accounting equation to my records?