Online Accounting Sources to Easily Complete Your Homework

Accounting is one of those subjects that seem easy in theory, but rather mind-boggling in practice. This article will provide a brief review of accounting as a subject and a comprehensive list of great free sources that will help you with accounting homework.

Accounting is by no means a rocket science. Just take a look at the amount of accounting firms and number of rocket scientists. You may face difficulties with your accounting homework because:

• There are many rules to remember and apply
• You have not enough knowledge of accounting standards and concepts
• You have not enough experience applying standards and rules
• It is difficult to keep track of all the numbers and items

Overall, it is normal if your accounting homework is challenging. And yes, it will get easier. Practice makes perfect, but even more so if you understand the theoretical basis of accounting and its concepts.

What is accounting, bookkeeping, and principles of accounting?

Accounting implies measurement, processing, and communication of financial information about economic entities. While studying accounting, remember that economic entity is not only a for-profit business or a company, but federal agencies, not-for-profit organizations, and municipalities as well.

On the contrary, bookkeeping is all about keeping track of financial operations of an economic entity by recording financial transactions. While bookkeepers can prepare trial balance sheets and ledgers, accountants focus on preparing income statements and balance sheets using the trial balance and ledgers previously prepared by bookkeepers.

It is also useful to know that accounting standards differ depending on the nation and domestic accounting regulation.

For instance, in the United States the set of accounting standards that firms have to apply while preparing their financial statements is referred to as GAAP, or Generally Accepted Accounting Principles. In China, there are Chinese Accounting Standards, in the United Kingdom there is Generally Accepted Accounting Practice, and in India – Indian Accounting Standards. International firms ca use IFRS, International Financial Reporting Standards.

Time to reveal the ultimate 5 free sources to get accounting help from!

Top 5 free sources to get online accounting homework help 

Accounting Coach

On this website, you will find detailed explanations and theory of accounting categorized into three major groups, namely bookkeeping, financial accounting, and managerial accounting. Disregard the “PRO features” button on the top – this resource has got plenty of free stuff to use, without registration or subscription. Pick and choose any topic you’re interested in, read explanations, take quizzes, read Q&As, and even solve crossword puzzles in accounting for free!

Advantages of this source:

• Easy to navigate
• Free quizzes
• Q&As
• Search bar
• Division by bookkeeping, financial accounting, and managerial accounting
• Alphabetical or suggested sorting of topics
• Mobile-friendly
• Trustworthy – been around for a while
• Fun options like crossword puzzles

Beginner Bookkeeping

This source is all about bookkeeping, which is recording all transactions whenever they occur. Bookkeeping is surely the basis for accounting and understanding how bookkeeping works is the key step to success in accounting. This site contains not only a full vocabulary of bookkeeping terms, but free quizzes and tests in bookkeeping as well as theoretical explanation of how bookkeeping is organized.

Advantages of this source:

• Easy to navigate
• Shows practical value of accounting
• Free downloadable bookkeeping forms
• Examples of bookkeeping transactions
• Downloadable bookkeeping tests with answers
• Contains bookkeeping articles
• Mobile-friendly

Accounting World

This website is an awesome online source for students who want to learn accounting and solve their accounting homework. Simply find your topic by entering keywords in the top right corner or browse the list of topics. Explanations are simple, easy to comprehend, and to the point. You won’t be able to read whole passages to get one definition here – it will be just one sentence. Accounting-World also has free multiple-choice question tests to check yourself, slides, videos, formulas, and accounting abbreviations that will come in handy for a student!

Advantages of this source:

• User-friendly interface
• Only to the point theoretic explanation
• Tests to check your knowledge
• Slides
• Abbreviations
• Formulas
• Answers to accounting questions
• Search by keywords

Double Entry Bookkeeping

This website will help you with not only bookkeeping, but both financial and managerial accounting as well. This source contains tutorials, templates, examples, quizzes, and calculators to help you solve your accounting homework. Need to know what the rule of 72 is or struggling with calculating working capital? Just enter the keywords in the search bar and the source will find relevant articles. You will also find a comprehensive accounting glossary here, which is useful if you need to learn some terms.

Advantages of this source:

• User-friendly interface
• Available templates
• In-depth explanations of theory
• Transaction examples
• Search bar
• Available accounting calculators
• Quizzes
• Comprehensive glossary
• Easy to browse in mobile browsers

Investopedia

Investopedia is a great source that is rarely mentioned among accounting homework help tools. It is an oldie but a goodie due to its outstanding database of accounting articles, especially financial and management accounting. To find relevant content, enter keywords into the search bar in the top right corner of the website. Using Investopedia also means having access to theory explanations, examples, and videos that explain concepts. It is also especially useful for learning how to calculate and evaluate different financial ratios in management accounting.

 Advantages of this source:

• Easy to navigate
• Articles are linked together – the majority of terms and concepts have individual articles and they are linked wherever they are used for your convenience
• Many articles contain examples with explanations
• Video explanations
• “Related terms” section below each article will help you find even more info
• To the point explanations
• Guidelines on how to calculate and evaluate financial ratios

Additional tips for completing accounting homework for students

• Make sure to research concepts and terms for better understanding of theory
• Browse examples and tutorials
• If you’re doing calculations, make sure to keep track of numbers because typing errors are hard to find and they can ruin your work. If it is a draft, use highlighters to mark key numbers and interim amounts
• Use arrows and lines to link numbers and understand where they come from, especially in formulas

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