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Online Accounting Sources to Easily Complete Your Homework

Accounting is one of those subjects that seem easy in theory, but rather mind-boggling in practice. This article will provide a brief review of accounting as a subject and a comprehensive list of great free sources that will help you with accounting homework.

Why you might need help solving accounting problems

Accounting is by no means a rocket science. Just take a look at the amount of accounting firms and number of rocket scientists. You may face difficulties with your accounting homework because:

There are many rules to remember and apply
You have not enough knowledge of accounting standards and concepts
You have not enough experience applying standards and rules
It is difficult to keep track of all the numbers and items

Overall, it is normal if your accounting homework is challenging. And yes, it will get easier. Practice makes perfect, but even more so if you understand the theoretical basis of accounting and its concepts.

What is accounting, bookkeeping, and principles of accounting?

Accounting implies measurement, processing, and communication of financial information about economic entities. While studying accounting, remember that economic entity is not only a for-profit business or a company, but federal agencies, not-for-profit organizations, and municipalities as well.

On the contrary, bookkeeping is all about keeping track of financial operations of an economic entity by recording financial transactions. While bookkeepers can prepare trial balance sheets and ledgers, accountants focus on preparing income statements and balance sheets using the trial balance and ledgers previously prepared by bookkeepers.

It is also useful to know that accounting standards differ depending on the nation and domestic accounting regulation.

For instance, in the United States the set of accounting standards that firms have to apply while preparing their financial statements is referred to as GAAP, or Generally Accepted Accounting Principles. In China, there are Chinese Accounting Standards, in the United Kingdom there is Generally Accepted Accounting Practice, and in India – Indian Accounting Standards. International firms ca use IFRS, International Financial Reporting Standards.

Time to reveal the ultimate 5 free sources to get accounting help from!

Top 5 free sources to get online accounting homework help

Accounting coach.

On this website, you will find detailed explanations and theory of accounting categorized into three major groups, namely bookkeeping, financial accounting, and managerial accounting. Disregard the “PRO features” button on the top – this resource has got plenty of free stuff to use, without registration or subscription. Pick and choose any topic you’re interested in, read explanations, take quizzes, read Q&As, and even solve crossword puzzles in accounting for free!

Advantages of this source:

Easy to navigate
Free quizzes
Division by bookkeeping, financial accounting, and managerial accounting
Alphabetical or suggested sorting of topics
Mobile-friendly
Trustworthy – been around for a while
Fun options like crossword puzzles

Beginner Bookkeeping

This source is all about bookkeeping, which is recording all transactions whenever they occur. Bookkeeping is surely the basis for accounting and understanding how bookkeeping works is the key step to success in accounting. This site contains not only a full vocabulary of bookkeeping terms, but free quizzes and tests in bookkeeping as well as theoretical explanation of how bookkeeping is organized.

Shows practical value of accounting
Free downloadable bookkeeping forms
Examples of bookkeeping transactions
Downloadable bookkeeping tests with answers
Contains bookkeeping articles

Accounting World

This website is an awesome online source for students who want to learn accounting and solve their accounting homework. Simply find your topic by entering keywords in the top right corner or browse the list of topics. Explanations are simple, easy to comprehend, and to the point. You won’t be able to read whole passages to get one definition here – it will be just one sentence. Accounting-World also has free multiple-choice question tests to check yourself, slides, videos, formulas, and accounting abbreviations that will come in handy for a student!

User-friendly interface
Only to the point theoretic explanation
Tests to check your knowledge
Abbreviations
Answers to accounting questions
Search by keywords

Double Entry Bookkeeping

This website will help you with not only bookkeeping, but both financial and managerial accounting as well. This source contains tutorials, templates, examples, quizzes, and calculators to help you solve your accounting homework. Need to know what the rule of 72 is or struggling with calculating working capital? Just enter the keywords in the search bar and the source will find relevant articles. You will also find a comprehensive accounting glossary here, which is useful if you need to learn some terms.

Available templates
In-depth explanations of theory
Transaction examples
Available accounting calculators
Comprehensive glossary
Easy to browse in mobile browsers

Investopedia

Investopedia is a great source that is rarely mentioned among accounting homework help tools. It is an oldie but a goodie due to its outstanding database of accounting articles, especially financial and management accounting. To find relevant content, enter keywords into the search bar in the top right corner of the website. Using Investopedia also means having access to theory explanations, examples, and videos that explain concepts. It is also especially useful for learning how to calculate and evaluate different financial ratios in management accounting.

Advantages of this source:

Articles are linked together – the majority of terms and concepts have individual articles and they are linked wherever they are used for your convenience
Many articles contain examples with explanations
Video explanations
“Related terms” section below each article will help you find even more info
To the point explanations
Guidelines on how to calculate and evaluate financial ratios

Additional tips for completing accounting homework for students

Make sure to research concepts and terms for better understanding of theory
Browse examples and tutorials
If you’re doing calculations, make sure to keep track of numbers because typing errors are hard to find and they can ruin your work. If it is a draft, use highlighters to mark key numbers and interim amounts
Use arrows and lines to link numbers and understand where they come from, especially in formulas

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Study apps for accounting students

These apps make it easy to quiz yourself or learn accounting terms..

We’ve come a long way from paper notes and flash cards. Now a multitude of apps exist to help you study right on your phone.

“Books are bulky and apps can get you more info quickly, and are so much easier and more accessible to students,” said Luciana Moreno, a senior accounting major at California State University, Northridge.

What’s more, many of these apps are free, and downloadable via the Apple or Google app stores.

Here are some apps recommended by accounting students and faculty, some of which you can use to study for any of your classes. (Editor’s note: As always, be mindful of privacy and data security issues before you download or use any app.)

Quizlet . This popular and free flashcard-based app is used by more than 30 million students and teachers each month, according to Quizlet Inc.'s website. “My all-time favorite app is Quizlet,” Moreno said. “I love it and use it all the time.”

Quizlet lets you create your own quizzes to help you memorize key material, and even share these quizzes with others. “I use Quizlet for my accounting class and science class, and it allows me to put in my own definitions,” said Andrew Everson, a junior accounting major at Gonzaga University in Spokane, Washington.

Quizlet also offers Quizlet Plus , an upgraded version that lets you make voice recordings, create advanced diagrams, or add images to your study sets, for $1.67 a month, or $19.99 annually.

For iOs and Android; available on the Apple App Store and Google Play.

ACE . Also known as Accounting Challenge, ACE is a free mobile learning app that gives students “multiple-choice questions in a beautiful format, where they can brush up on terminology,” noted Ludmila Krylova, CPA, a lecturer in the department of accounting at Texas State University–San Marcos. It can help you memorize accounting terms by giving you 100 seconds to answer a series of questions, Krylova said. You receive points for answering the most questions correctly, and you can compete with other app users or try to best your own times by posting your scores to a leaderboard.

ACE, which is in English, was created by academics at the School of Accountancy at Singapore Management University, and is especially helpful for first-year students. According to ACE’s website, the app has registered more than 30,000 downloads worldwide.

Accounting Boot Camp . This free app can help you prepare for first-year accounting exams. It focuses on accounting fundamentals like debits, credits, assets, and liabilities.

Once you’re able to answer most of the questions, you advance to the next level, where topics become more challenging. “This app is great for repetitive learning and understanding the basic terminology used in accounting,” said Everson, who used it early in his college career.

For iOs; available at the Apple App Store.

Chegg Study App . Offered by textbook provider Chegg Inc., this app helps students get unstuck when they are at a standstill with a particular problem. The app allows users access to a multitude of step-by-step solutions on a variety of subjects, including accounting and calculus. Students can also contact Chegg experts around the clock. Though it’s free to download the Chegg Study app, it costs $14.99 a month to use its features.

Finance and accounting major Anthony Schulz, a senior at Loyola University Maryland, said, “I use Chegg as a last resort if I can’t figure out something. It is absolutely worth it, and not just for my accounting class. I use it for all of my business classes.”

By Cheryl Meyer

Cheryl Meyer is a California-based freelance writer. To comment on this article or to suggest an idea for another article, contact Courtney Vien , senior editor of newsletters at the Association of International Certified Professional Accountants.

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