Basic Accounting: Basic Accounting Made Easy Author: Win Ballada Prepared By: Michael Alonzo

The document provides an overview of basic accounting concepts including the accounting equation, elements of financial statements, debits and credits, common account titles, and an example of accounting for business transactions. It explains accounting as a process of recording, classifying, and summarizing financial transactions and events and interpreting the results. Key concepts covered include assets, liabilities, equity, revenues, expenses, and...

The document provides an overview of basic accounting concepts including the accounting equation, elements of financial statements, debits and credits, common account titles, and an example of accounting for business transactions. It explains accounting as a process of recording, classifying, and summarizing financial transactions and events and interpreting the results. Key concepts covered include assets, liabilities, equity, revenues, expenses, and the double-entry accounting system.