In this first of eight free online accounting lessons accounting information and double-entry bookkeeping are defined. The differences between financial and managerial accounting is addressed. The four basic financial statements (income statement, statement of cash flows, statement of changes in owners' equity and balance sheet)are introduced and the major financial statement components are explained. Additional concepts covered include permanent (real) and temporary (nominal) accounts and four types of accounting transactions. Two exercises with solutions are also available.
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