PRINCIPLES OF ACCOUNTING
The following learning objectives for this chapter map to the curriculum design for our online university-level courses. These courses are offered through Utah State University, and result in the awarding of up to 6 hours of highly transferrable college credit. To learn more, check out the classroom link. Accounts, debits and credits. Understand the concept of an account. Know that every transaction can be described in "debit-credit" form, and that debits must equal credits! Be aware of the reasons that accountants use debits and credits, rather than pluses and minuses. Know the six types of accounts (e.g., assets), and the related debit/credit rules. Note the importance of transaction analysis and source documents. Understand why credits are sometimes misunderstood. The journal. Know that the journal is the book of original entry, into which transactions are journalized in chronological order. Be able to distinguish between a journal and l