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...Accountingplay com accounting cheat sheet apps downloads books by john gillingham cpa all rights reserved visit to learn online for free now diagram of t accounts methods orgs balance as accrual basis follows the matching principle and recognizes assets liabilit esi equity transactions they occur gaap method cash when or equivalents have been exchanged not us generally accepted principles system income statement year ended ded established fasb that governs financial reporting arnings account revenue expense ec ifrs international standards ained e standard adopted widely outside no lifo permitted different fmv valuation debit credit ofit loss re o r pr net increases equation inventory journal entry at lower cost market liabilities higher ending goods sold common stock receive cogs fifo first in out beginning gross profit x early purchases come rate last tend stay average total quantity per unit debits credits decreases increase decrease perpetual tracked real time bolded natural periodi...