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Management and accounting

Accounting comes with definitions, equations and treatment rules to memorise. Lumi quizzes you on each one so the entries become a reflex.

How to turn this subject into cards

Make one note per statement, balance sheet and income statement, and one per rule, depreciation, accruals, tax, with the definition, the formula and a tiny example. Quiz yourself on the meaning of each line. The trap is learning a chart of accounts without understanding why a transaction hits an account. Lumi helps you retain definitions, equations and rules.

Example card

Try it, Lumi turns it into fill in the blank questions in your browser.

study-card.txt

Management and accounting · teach this card to Lumi

The accounting equation says assets equal liabilities plus equity. Under accrual accounting, revenue is recorded when earned, not when cash is received. Break-even occurs where total revenue equals total costs. Depreciation spreads the cost of an asset over its useful life.

Lumi’s question

The accounting equation says assets equal liabilities plus _____.

Pick the missing word

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