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Accounting for Non Accountants : Debit, Credits and Financial Statements
When people hear the term accounting, there is an involuntary reaction whereby the comprehension centres (the medical term) of their brains tend to shut down, and sleep mode is activated. This is unfortunate, as accounting, especially to a small business owner, can actually be quite interesting. It is one of the primary tools by which business owners and other interested parties can gage the success of their business, as well as identify areas that require attention and need improvement. To understand accounting, business owners need to have a basic understanding of how it works (debits and credits) and it's results (financial statements), explained below:
Understanding the Bottom Line
What’s there to understand? The bottom line is the last line on the Profit & Loss (P&L) statement and it is either a profit or a loss. That’s all you need to know, isn’t it? Yes, it is important to know whether you are making a profit or losing money, but understanding how financial statements work is knowing the nature of each account and how it fits into the scheme of things. This article provides a broader understanding of the bottom line.

The General Journal: Your Most Versatile Accounting Tool
A brief explanation of what a general journal entry is and how it used in the bookkeeping process.
The TwelveStep Program for Financial Stressaholics
12-Step Program for Financial Stressaholics
Why your bank account may not reflect the sales that you have made
If you are just starting out with your small business, it could be that you are not too comfortable with the ins and outs of financial management. You may have been misled into thinking that your bank account is a good way to measure the sales that your business has made in a certain period of time. In order to understand why your bank account is not an accurate reflection of your sales, there are a couple of things that need to be taken into account.

Other debits and credits Related Articles

The Accounting Model: Accounting's Rosetta Stone
A brief but clear explanation of how debits and credits work.
Accounting made simple? I don't think so.
A light hearted look at the mere mortal's main barrier to understanding accountancy, Credits and Debits.
Exploring the Ins and Outs of Double Entry Accounting
Leave intimidation behind by understanding how debits, credits, general journals and general ledgers work. Learn how to post an entry, record adjusting and closing entries and prepare a trial balance. These simple and important aspects of double entry accounting will give you more confidence when dealing with the financial aspects of your business.
Film Tax Credits Canada – Creative Finance That Is Real And Works!
Financing for film, television and animation credits in Canada ; Information on how owners of productions in film, tv, and digital animation can supplement the financing of their projects via film tax credits Canada. Film tax credits play a key role in entertainment finance in the Canadian marketplace.

Accounting for Non Accountants : Debit, Credits and Financial Statements
When people hear the term accounting, there is an involuntary reaction whereby the comprehension centres (the medical term) of their brains tend to shut down, and sleep mode is activated. This is unfortunate, as accounting, especially to a small business owner, can actually be quite interesting. It is one of the primary tools by which business owners and other interested parties can gage the success of their business, as well as identify areas that require attention and need improvement. To understand accounting, business owners need to have a basic understanding of how it works (debits and credits) and it's results (financial statements), explained below:
Debits and Credits in Accounting
In double entry accounting, we use two columns for each account and enter only positive numbers. Two accounts are always affected by each transaction, one must be a debit and the other must be a credit of equal amount. Sometimes more than two are affected when multiple entries are made against one credit/debit. This double entry accounting system provides a method of checks and balances. By adding up all of the debits and adding up all of the credits and comparing the two you can notice errors or correct many common types of bookkeeping mistakes.
Can You Afford Not To Use Film Tax Credits When Financing a Film In Canada - An Investor Primer
Information on Canadian film tax credits and how producers and investors can utilize and monetize these tax credits when financing a film, tv or digital media project .

Use Canadian Film Tax Credit Policy for Successful Financing and of Film , TV , And Animation Projects
Make tax credits in Canada work for your project ! Information on the Canadian Film Tax Credit Policy and how these non refundable credits can play a key role in your financing plan !
Why Canada Provides Film Production Tax Credits & SRED Tax Credits – Financing Film & SR ED Tax Credits
Information on film production tax credits in Canada as well as the Canadian SR ED ( SRED ) credit . Use and Finance these tax credits.
Where Will You End Up Without Canadian Film / Movie Tax Credits & Financing?
Information on Canadian film and movie tax credits and how the maximization and financing of these credits can assist in your overall finance plan .
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