Understanding Accounting Basics in QuickBooks - Part 1, is part of a series of training manuals for those who are new to the world of accounting and are interested in understanding how everything is applied when working with QuickBooks software. It offers the following objectives through easy-to-read exercises at the end of each section. Objective 1 - Who is responsible for what, does your company choose the Cash or Accrual Basis of Accounting, and what is Double-Entry Accounting? Objective 2 - Determining the difference between debits and credits, and which side receives different entries (Assets = Liabilities + Equity). Objective 3 - Determining Inventory & Cost of Goods Sold (COGS). Objective 4- Understand the four basic types of financial reports. Objective 5 - Review the 10 basic accounting principles which govern Generally Accepted Accounting Principles (GAAP).