Topics, 100 Accounting Resources, 100 Reading List
Before we demonstrate common transactions and how they are analyzed using the accounting equating we will cover transaction rules. Applying a process for recording transactions will reduce the likelihood of making bad assumptions and learning rules that do not apply in all cases.
It is possible to learn rules that apply in only some cases, requiring the unlearning of these rules when we move to cases where they do not apply. Learning rules that do not apply in all cases should be avoided because unlearning rules in cases where a bad rule does not apply is tough.
Learning and applying the steps below for recording transactions helps avoid problems, eliminating the need to unlearn false concepts in the future. These same rules will apply when we move to learning debits and credits at which time we will build on these rules, applying more concepts to the balancing ideas developed here.
Transaction Rules. . .
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