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Accounting Foundations

The bedrock of financial accounting, worked as interactive scenarios: what accounting is and the accounting equation, accounts and debits & credits, journal entries, receivables and payables, adjusting entries, financial statements, and the accounting cycle. Start anywhere — it's free.

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Chapter 1 · What Accounting Is & A = L + E

The accounting equation — and the first entry ever

Chapter 2 · Accounts & Debits and Credits

Debits and credits in action
The five account types

Chapter 3 · Journal Entries

A business's first week — three entries
Cash now vs. on account — same event, different second line

Chapter 4 · Receivables & Payables

On credit, both chairs — AR and AP lifecycles

Chapter 5 · Adjusting Entries

Accruals — earned or incurred first, cash later
Deferrals — cash moved first, adjust later

Chapter 6 · Financial Statements

The statements are a relay — IS → RE → BS

Chapter 7 · The Accounting Cycle & Closing

Closing the books — reset the scoreboard