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<!DOCTYPE html><html><head><meta name="viewport" content="width=device-width"/><meta charSet="utf-8"/><title>Accounting basics</title><script src="https://polyfill.io/v3/polyfill.min.js?features=es6"></script><script id="MathJax-script" async="" src="https://cdn.jsdelivr.net/npm/mathjax@3/es5/tex-mml-chtml.js"></script><script type="text/x-mathjax-config">
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</script><meta name="next-head-count" content="6"/><link rel="preload" href="/wiki/_next/static/css/52fc2ba29703df73922c.css" as="style"/><link rel="stylesheet" href="/wiki/_next/static/css/52fc2ba29703df73922c.css" data-n-g=""/><noscript data-n-css=""></noscript><link rel="preload" href="/wiki/_next/static/chunks/main-ae4733327bd95c4ac325.js" as="script"/><link rel="preload" href="/wiki/_next/static/chunks/webpack-50bee04d1dc61f8adf5b.js" as="script"/><link rel="preload" href="/wiki/_next/static/chunks/framework.9d524150d48315f49e80.js" as="script"/><link rel="preload" href="/wiki/_next/static/chunks/commons.0e1c3f9aa780c2dfe9f0.js" as="script"/><link rel="preload" href="/wiki/_next/static/chunks/pages/_app-8e3d0c58a60ec788aa69.js" as="script"/><link rel="preload" href="/wiki/_next/static/chunks/940643274e605e7596ecea1f2ff8d83317a3fb76.4841a16762f602a59f00.js" as="script"/><link rel="preload" href="/wiki/_next/static/chunks/pages/%5B%5B...slug%5D%5D-1aa198f87ede1cd0e1dc.js" as="script"/></head><body><div id="__next"><main><h1>Accounting basics</h1><section class="post-metadata"><span>Date: <!-- -->2020-11-15 05:10:51 +08:00</span><span>Date modified: <!-- -->2021-05-04 20:51:33 +08:00</span></section><nav class="toc"><ol class="toc-level toc-level-1"></ol></nav><p>Accounting is knowing how much we have.
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Bookkeeping is the practice of tracking and classifying various financial moves.
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</p><p>Bookkeeping can make financial management less stressful (and some might say, enjoyable).
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You can easily know what you have: disposable income, loans, credits, etc.
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On the other hand, it is also legally required for business to keep track of it.
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</p><p>In accounting, the basic unit of operations are <strong>transactions</strong>.
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Transactions are seen everywhere — you've done a transaction when you've bought your laptop, ordered some food, delivered a package, etc.
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</p><p>To make a transaction, an <strong>account</strong> is used as a marker or label for the two sides.
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For example, a transaction for buying a laptop with cash is made of two accounts for the cash and the laptop.
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</p><p>In personal financing, there are said five common accounts:
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</p><ul><li><p>Assets which are composed of your bank account, wallet, real estate, and investments.
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</p></li><li><p>Liabilities which is something you owe (e.g., mortgages, loans).
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</p></li><li><p>Income, another term for revenue, is your paychecks, received gifts, and interests.
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</p></li><li><p>Expenses including groceries and bills, given gifts, and donations.
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</p></li><li><p>Equity is everything else.
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</p></li></ul><p>Each transaction is made up of two components usually referred as <strong>debit</strong> and <strong>credits</strong>.
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</p></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"metadata":{"date":"\"2020-11-15 05:10:51 +08:00\"","date_modified":"\"2021-05-04 20:51:33 +08:00\"","language":"en","source":""},"title":"Accounting basics","hast":{"type":"root","children":[{"type":"element","tagName":"nav","properties":{"className":"toc"},"children":[{"type":"element","tagName":"ol","properties":{"className":"toc-level toc-level-1"},"children":[]}]},{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Accounting is knowing how much we have.\nBookkeeping is the practice of tracking and classifying various financial moves.\n"}]},{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Bookkeeping can make financial management less stressful (and some might say, enjoyable).\nYou can easily know what you have: disposable income, loans, credits, etc.\nOn the other hand, it is also legally required for business to keep track of it.\n"}]},{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"In accounting, the basic unit of operations are "},{"type":"element","tagName":"strong","properties":{},"children":[{"type":"text","value":"transactions"}]},{"type":"text","value":".\nTransactions are seen everywhere — you've done a transaction when you've bought your laptop, ordered some food, delivered a package, etc.\n"}]},{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"To make a transaction, an "},{"type":"element","tagName":"strong","properties":{},"children":[{"type":"text","value":"account"}]},{"type":"text","value":" is used as a marker or label for the two sides.\nFor example, a transaction for buying a laptop with cash is made of two accounts for the cash and the laptop.\n"}]},{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"In personal financing, there are said five common accounts:\n"}]},{"type":"element","tagName":"ul","properties":{},"children":[{"type":"element","tagName":"li","properties":{},"children":[{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Assets which are composed of your bank account, wallet, real estate, and investments.\n"}]}]},{"type":"element","tagName":"li","properties":{},"children":[{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Liabilities which is something you owe (e.g., mortgages, loans).\n"}]}]},{"type":"element","tagName":"li","properties":{},"children":[{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Income, another term for revenue, is your paychecks, received gifts, and interests.\n"}]}]},{"type":"element","tagName":"li","properties":{},"children":[{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Expenses including groceries and bills, given gifts, and donations.\n"}]}]},{"type":"element","tagName":"li","properties":{},"children":[{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Equity is everything else.\n"}]}]}]},{"type":"element","tagName":"p","properties":{},"children":[{"type":"text","value":"Each transaction is made up of two components usually referred as "},{"type":"element","tagName":"strong","properties":{},"children":[{"type":"text","value":"debit"}]},{"type":"text","value":" and "},{"type":"element","tagName":"strong","properties":{},"children":[{"type":"text","value":"credits"}]},{"type":"text","value":".\n"}]}]},"backlinks":[]},"__N_SSG":true},"page":"/[[...slug]]","query":{"slug":["2020-11-15-05-10-51"]},"buildId":"Ie9t5zutrXP6Of75Cb5xF","assetPrefix":"/wiki","nextExport":false,"isFallback":false,"gsp":true}</script><script nomodule="" src="/wiki/_next/static/chunks/polyfills-99d808df29361cf7ffb1.js"></script><script src="/wiki/_next/static/chunks/main-ae4733327bd95c4ac325.js" async=""></script><script src="/wiki/_next/static/chunks/webpack-50bee04d1dc61f8adf5b.js" async=""></script><script src="/wiki/_next/static/chunks/framework.9d524150d48315f49e80.js" async=""></script><script src="/wiki/_next/static/chunks/commons.0e1c3f9aa780c2dfe9f0.js" async=""></script><script src="/wiki/_next/static/chunks/pages/_app-8e3d0c58a60ec788aa69.js" async=""></script><script src="/wiki/_next/static/chunks/940643274e605e7596ecea1f2ff8d83317a3fb76.4841a16762f602a59f00.js" async=""></script><script src="/wiki/_next/static/chunks/pages/%5B%5B...slug%5D%5D-1aa198f87ede1cd0e1dc.js" async=""></script><script src="/wiki/_next/static/Ie9t5zutrXP6Of75Cb5xF/_buildManifest.js" async=""></script><script src="/wiki/_next/static/Ie9t5zutrXP6Of75Cb5xF/_ssgManifest.js" async=""></script></body></html> |