Accounting Game: Learn Debit Credit accounting app, is developed by us to help students memorise and understand the very basic concepts of Accounting. It can be difficult and frustrating for young students to form a firm grasp of basic accounting and pass journal entries without understanding whether to debit something or credit it. As we all know that passing a journal entry is merely an interpretation of the accounting formula which is:
Equity Liability = Assets
The above Accounting equation is nothing but:
Amount borrowed = amount utilised
Equity: The amount that is borrowed from the owners’ of the business.
Liabilities: The amount that is borrowed from outside lenders.
Assets: all the properties and resources owned by a business. Amount borrowed from owners and lenders are utilised for purchasing various assets such as building, plants, land, furnitures etc.
Revised accounting equation after considering incomes and expenses
Equity Liability Income = Assets Expenses
You can see accounting equation in the form of balance sheet.
As accountants, you have to ensure that the equation is in balance all the time. All the ledger accounts in the business can be classified under these five accounts- asset, liability, equity, incomes, expenses. You can visualise the ledger accounts in the form of “T” account.
Journal entry: Increase or decrease in accounts are recorded in debit or credit sides of account. Journal entries are a systematic way to record these changes in ledger accounts.
Debit: left hand side of ledger accounts.
Credit: right hand side of ledger accounts.
Whether to record an amount in the debit side or credit side of an account depends on the below accounting rule based on accounting equation:
(Equity Liabilities Income) = (Assets Expenses)
Think of two sides of equation as two groups.
Rule for left hand side group:
Equity, Liability and Income accounts: Increase is recorded as Credit and decrease is recorded as Debit.
Rule for right hand side group:
Asset and Expenses accounts: Increase is recorded as Debit and Decrease is recorded as Credit.
How can we help you to master the skills of identifying debit and credit? Answer is accounting missiles game.
Accounting Game: Learn Debit Credit accounting app, is a fun way master fundamentals of debit and credit. In this Game you will conquer space by destroying other enemy ships, but launching a missile just in time would depend on your basic accounting knowledge as if you give a wrong answer the missile will not destroy the enemy and in return enemy spacecraft will destroy your ship.
Features of Accounting Game: Free basic accounting game:
• User-friendly interface
• Neat and clean easy controls
• High quality graphics
• With sound effects
• Fun way to learn basic accounting
• Memorize all debit/credit rules
There are 3 levels in the accounting game:
EASY: this level includes only five broad accounts. Practice this level get a firm grasp of accounting equation. Accounts include
• Asset
• Liability
• Equity or Capital
• Income
• Expense
MODERATE: this level includes many simple accounts. Practice this level to apply your knowledge of accounting equation. Accounts include but not limited to:
• Cash
• Bank
• Revenue/ sales
• Purchases
• Inventory
• Accounts receivable/ debtors
• Accounts payable/ creditors
• Investment
• Loan
• Tax
and many more.
HARD: this level has difficult accounts. Practice this level to sharpen your knowledge of accounting equation. Accounts include but not limited to:
• Accumulated Depreciation
• Deferred sales
• Deferred Tax asset/ liability
• Unbilled receivables
• Prepaid/ outstanding accounts
• Working capital
• Accruals
and many more.
Please Download Accounting Game: Learn Debit Credit accounting app, Share it with your friends and family and remember to give us your feedback regarding this amazing educational game. If you have any queries and suggestion please do not hesitate from writing to us.
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