Rules of Debit and Credit

…that would indicate a mistake in your Ledger, which mistake you will have to look for diligently with the industry and intelligence God gave you.
Luca Pacioli
Transactions and events entered in the accounting records are based on the rules of debit and credit. These rules represent the practical application of concepts and principles starting with the accounting equation.

Why this course

The rules of debit take the guesswork out recording accounting entries. An important knowledge base for accounting proficiency is the elements of financial statements, the nature and description of each, and what how transactions affect them. Fortunately, those effects are expressed as increases and decreases, which anybody can figure out. The rules operationalize the theory by stipulating when an account (in an element) should be debited or credited. A couple of rules is easier understood and remembered than trying to recall hundreds or more transactions and how each one is recorded

What you will learn

The course first discusses the nature and description of debit and credit. A discussion of the normal balance explains its importance and how it is determined by the location of the elements of financial statements in the accounting equation. The normal balance is key. It precedes understanding the rules of debit and credit. The rules are applied in double entry accounting, the final integrating link of the concepts from their roots in the accounting equation to the financial statements, maintaining equality of debits and credits throughout the accounting process.

  • Easy enrollment and checkout; online or over-the-counter bank payment, more than 5,000 remittance and payment centers nationwide
  • Course availability anytime, anywhere in any internet enabled device​
  • Note-taking capability at the front end; ability to download or print own notes for later review​
  • Interactive quizzes and activities to test knowledge and recall of key concepts​
  • Online discussion for collaborative learning and building an online community​
  • Private one-on-one consultation with group leader, teacher, or subject matter expert; by appointment​
  • Access to scheduled live interaction, online group meetings, or webinars
  • Free downloadable E-Book at end of course for future review and reference​
  • Administrative tools for group leaders and teachers for class management and monitoring; detailed reports of student performance​

Prepare for a rewarding career in accounting. Build on solid theoretical foundations. Learn the skills and have the functional competence to apply them. ​