⚡ Quick Reference — Most Used Terms
Debit
Increases assets & expenses; decreases liabilities & equity
Credit
Increases liabilities & equity; decreases assets & expenses
Assets = Liabilities + Equity
The accounting equation — must always balance
Bank Reconciliation
Matching your books to the bank statement each month
Chart of Accounts (COA)
Master list of all accounts used to categorize transactions
Accounts Receivable (AR)
Money owed TO you by customers
Accounts Payable (AP)
Money you OWE to vendors or suppliers
Accrual vs. Cash Basis
Record when earned vs. when money actually changes hands
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