{"id":40213,"date":"2025-10-14T13:55:50","date_gmt":"2025-10-14T13:55:50","guid":{"rendered":"https:\/\/certifeka-edu.com\/programs\/finance-for-strategic-managers-accounting-professional-certificate-2\/lessons\/lesson-3-what-is-an-account-2\/"},"modified":"2025-10-14T13:55:50","modified_gmt":"2025-10-14T13:55:50","slug":"lesson-3-what-is-an-account-2","status":"publish","type":"lesson","link":"https:\/\/certifeka-edu.com\/ar\/programs\/sample-course\/lessons\/lesson-3-what-is-an-account-2\/","title":{"rendered":"Lesson 3: What is an account?"},"content":{"rendered":"

\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Lesson 3: Financial Accounting Recording Process<\/h2>\n

What is an account?<\/h3>\n

An individual accounting record increases and decreases in specific assets, liability, or Equity during a specific time.<\/h5>\n

T Accounts
\n<\/h3>\n

Usually, we use the T account form to reach the account ending balance.<\/h5>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

What is a T-Account?
\n<\/h3>\n

A T-account is an informal term for a set of financial records that use double-entry book keeping. It is called a T-account because the bookkeeping entries are laid out in a way that resembles a T-shape. The account title appears just above the T.<\/h5>\n

Double-entry System
\n<\/h3>\n

Double entry is a term stating that every financial transaction has equal and opposite effects in at least two different accounts.
Debit: The left side of a T-Account
Credit: the right side of the T-Account How we record the decrease and increase to an account is determined by the account type.<\/h5>\n

\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Example: Calculating cash ending balance
Assume a business wants to record an increase of $30,000 for the cash account, it will be recorded as a debit to cash, it goes as follows” Cash is an assets account remember it increases with debits.
Assume the same business wants to decrease the Cash account by $20,000. The business would record a credit to the cash account as follows:<\/h5>\n

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