[mjmnz00]

Hi I'm taking my first class in accounting and I'm completely lost. My teacher is terrible at explaining concepts to me.

Can anyone please explain accountings basic principles to me?

[Renaissance1967]

The most basic and most important concept of Accounting is that of Debits and Credits. Even at advanced levels of accounting confusion of Debits and Credits is one of the more common errors.
In any transaction, at any time, the absolute total of the Debits must equal the absolute total of the Credits. There are no exceptions ever. If they do not equal there is an error or unposted entry somewhere.
In a "T" account representation, Debits are on the left and Credits are on the right. A "T" account is simply a way to show activity in an account or journal.
In the past, debits were usually indicated as positive numbers and credits as negative numbers. However, here is where it can get confusing. Accounting Software. Accounting software is among the most expensive and poorly written software on the market. In many accounting systems, accounts or journals which usually have a Credit balance will indicate a Credit as a positive number and a Debit as a negative number and vice versa for Debits. Unfortunately, accounting software is so varied that you must be familiar with the set up of your accounts and journals to know for sure. When making General Ledger entries, most software will usually have you enter positive numbers under both Debit (on left) and Credit (on right) headings. At least this one thing is standardized, when represented together, Debits are always on the left and Credits on the right.
The concept of Debits and Credits is both simple and confusing, however once you understand them and how they relate to the four accounting statements (Balance Sheet, Income Statement, Cash Flows, and Retained Earnings) you are about 90% to your CPA Certification.
Don't despair, accounting is really just a few simple concepts connected together in a complex fashion giving only the illusion of being a complicated system.
Unless, of course, you want to go into Governmental (Fund) accounting. Then you will need good memorization skills because there aren't many logical concepts to be found there.
Good Luck.

[gobbledygook]

Is this a high school class, community college class, or university class? Makes a difference, sorry to report.