Free accounting study guides

Step-by-step guides to the topics students find hardest, each with a fully worked example and a self-check with answers. Written for Filipino BSA and business students.

By Ken Gie Anthony G. Cruel, CPA, MBA · author of Financial Accounting & Reporting: Basic Accounting for Business Organizations (2026 Edition)

Chapter 5 · The accounting cycle

Closing entries and the income summary account

The four closing entries, why Drawing skips Income Summary, net loss, and the post-closing trial balance.

Chapter 6 · Adjusting the accounts

Adjusting entries: the 5 types, with a worked example

One question sorts every adjustment. Then six adjustments for one business, and their effect on net income.

Chapter 7 · Merchandising

Periodic vs perpetual inventory: journal entries side by side

The same purchases and sales journalized both ways, the COGS schedule, and FOB shipping point vs destination.

Chapter 8 · Partnerships

Partnership formation: capital credits, opening entries and the bonus method

How much capital credit each partner gets, the opening journal entries, and transferring a bonus between partners.

Chapter 11 · Partnerships

Partnership liquidation, step by step

The fixed order of payment, capital deficiencies, partner loans, and a full statement of liquidation.

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