We introduce the concepts of single-entry and double entry bookkeeping as well as the accounting equation.
This course continues our exploration into the bookkeeping function. We introduce the concepts of single-entry and double-entry bookkeeping as well as the accounting equation. This allows us to delve into examining the concepts of how to utilize debits and credits within financial accounting including assets, liabilities, equity, revenue, and expense. It is imperative that a bookkeeper have a strong grasp on the utilization of debits and credits.
“A debit is an accounting entry that either increases an asset or expense account or decreases a liability or equity account. It is positioned to the left in an accounting entry.”
“A credit is an accounting entry that either increases a liability or equity account or decreases an asset or expense account.”
This session utilizes multiple examples of how to apply debits and credits within various transactions and entries and provides the participant with a foundation of the concept of how to utilize the double-entry bookkeeping system.
In addition, we examine a few of the many functions the bookkeeper can be involved with as part of their overall responsibilities.
Field of Study: Accounting
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 24 years of her experience has been working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. In 2011, as the Chief Audit Executive for an international construction/ engineering firm, she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. Ms. Fountain is currently engaged in her own training and consulting business and is a regular trainer for the AICPA. Ms. Fountain is the author of three separate technical books. “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation. -“Leading The Internal Audit Function” and -“Ethics and The Internal Auditor Political Dilemma” were published by Taylor & Francis In addition Ms. Fountain was a contributing author to the certification program exam for the National Association of Accountants. She also has certificate programs on various on-line platforms. Ms. Fountain has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).
