Accounting Online: Introduction to Bookkeeping Basics

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Written by Verniel Cutar

The following article will help you understand simple accounting principles and apply them to your daily life. Whether you run a small business, or just want to manage your personal finances well, this will help you a lot.


Lots of people feel threatened or intimidated with accounting. They feel that accounting or bookkeeping processes can only be understood by accountants or so-called “bookies”, who possess some sort of higher understanding and expertise with numbers. But the truth is, anyone can learn accounting principles.

Today, companies use software and programs to perform bookkeeping tasks. However, despite these technological advances, it is still helpful for you to learn the accounting process manually. Let me show you how important this type of knowledge really is to your daily life:

In the 1980’s, the Rocky films by Sylvester Stallone became popular. In one of the films in the series, the story focuses on how famous boxer Rocky Balboa lost millions of dollars in a single day. Everything he worked and fought for were gone at the blink of an eye. You know how it happened? An “evil” accountant fooled Rocky’s assistant into signing a false document that transferred all of Rocky’s assets to another person! That may be a fictional story, but it illustrates the importance of knowing basic accounting principles. If you know how to read financial reports as well as the essential accounting terminology, no bookie or Mr. Wise Guy can fool you. READ MORE

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