Principles of Accounting

Two

Three

Four

Six

weighted costing system

average costing system

hybrid costing system

double costing system

An event

A transaction

A transaction as well as an event

Neither a transaction nor an event

Generally accepted accounting principles

Generally acknowledged accounting  principles

Generic Advice on Accounting Principles

Grand Accounting Affects People

Accounting period cycle

Calendar year

Fiscal period

Darth Vador

Debits > Credits

Debits = Credits

Debits < Credits

Debits zero out

An account

A journal

A ledger

A trial balance

Shorter payback period

Greater payback period

Less project return

Greater project return

current cost

original cost

depreciated cost

all of the above

Easy Formation

Easy Dissolution

Unlimited Liability

Separate Legal Entity