March 21, 2024

Congrats, if you got through that, you are going to be doing pretty well with T accounts. Pause here and see if you can work out this problem using T accounts. As a final point, make sure you get lots of practice with preparing T-accounts. There are various questions and exercises about T accounts further…

The key financial reports, your cash flow, profit & loss and balance sheet are an organised representation of these fundamental accounting records. They are built from the ground up by these debits and credits. It’s these reports that you’ll be analysing to aid your decision-making process. T-accounts are gold for understanding and managing a business’s…