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Welcome to the Accounting Hub Blog!

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This explanation of accounting basics will introduce you to some basic accounting principles, accounting concepts, and accounting terminology. Once you become familiar with some of these terms and concepts, you will feel comfortable navigating through the explanations, quizzes, quick tests, video training, and other features on this blog.

Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits as we show you how to record transactions.

You will also see why two basic accounting principles, the revenue recognition principle and the matching principle, assure that a company's income statement reports a company's profitability.

Debt & Credit

Our Explanation of Debits and Credits describes the reasons why various accounts are debited and/or credited.

 For the examples we provide the logic, use T-accounts for a clearer understanding, and the appropriate general journal entries.

Charts of Accounts

Our Explanation of Chart of Accounts shows how a typical chart of accounts is organized and examples of possible account numbering. 

It concludes with a quick review of debits and credits.


Our Explanation of Bookkeeping provides you with a rich understanding of the recording of transactions. It then discusses the additional steps necessary for preparing accurate financial statements. This is great for bookkeepers of all skill levels and for small business owners.

Accounting Equation

Our Explanation of Accounting Equation (or bookkeeping equation )                 illustrates  how the double-entry system keeps the accounting equation in balance.