Welcome to Finance Mastery Blog

Discover the essentials of accounting, bookkeeping, tax planning, and accounting software.


Understand Basic Accounting Principles

Accounting Equation: Assets = Liabilities + Equity
Double-Entry System: Every transaction affects at least two accounts.
Financial Statements: Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Retained Earnings.
Accrual vs. Cash Accounting: Recognizing revenues and expenses when they are earned/incurred vs. when cash is exchanged.


Learn Bookkeeping

Bookkeeping is the recording of financial transactions and is essential for maintaining accurate financial records:


Journal Entries: Recording transactions in the journal.
Ledgers: Posting journal entries to the general ledger.
Trial Balance: Summarize all ledger accounts to ensure debits equal credits.
Adjusting Entries: Making end-of-period adjustments for accrued and deferred items.
Closing Entries: Closing temporary accounts to prepare for the next accounting period.


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