Profit and loss can be an easy topic in mathematics where you buy something and sell it to gain or lose money. In accounting, however, calculating profit and loss can be a bit more technical. You need to know what falls under income and expenses in the ALICE accounts before …

The topic interest and discount may be simple enough to cover within a short accounting session, so why not make it interesting with these 5 FREE worksheets. Make sure that students really know what are interest and discount and the difference between discount received and discount allowed. Some teachers may …

Let’s look at the term ‘debit credit’ that is commonly used in accounting to describe the double entry system. For every debit entry that you record, there must be a credit entry. When you pay rent with cash, you debit the Rent account and credit the Cash account. This is …

Build a solid foundation in accounting with these 5 FREE worksheets on types of accounts. You can fully understand which accounts are Assets, Liabilities, Income, Capital and Expenses (ALICE). It is crucial to learn these 5 types of accounts early because their Source Documents must be allocated to the relative …

For every transaction made in a business, you must record a debit entry and a credit entry in the ledger accounts. This rule is called the double entry system. The debit entry goes on the left side of one T account and it must have the same amount as the …