KBM 06 Buchhaltung — Grundlagen (EN)

KBM 06 Accounting — Basics

Double-entry bookkeeping forms the foundation of commercial accounting. You will learn the basic principles of balance sheet preparation and the distinction between asset and liability accounts. This module provides you with an understanding of how to create opening and closing balance sheets, as well as compliance with the principles for proper management and retention of books and records (GoBD).

Concepts and Background

Double-entry bookkeeping

A bookkeeping system in which each transaction is recorded in at least two accounts with equal but opposite amounts. The sum of debit entries must always equal the sum of credit entries.

Asset accounts

Accounts that record assets and expenses. Asset accounts have a debit entry for balances and increases, and a credit entry for decreases.

Liability accounts

Accounts that record equity and obligations. Liability accounts have a credit entry for balances and increases, and a debit entry for decreases.

Balance sheet

A statement of assets (assets) and liabilities (liabilities) as of a specific date. The balance sheet must always be in balance (assets = liabilities).

GoBD

Principles for proper management and retention of books and records in electronic form, as well as for data access. These guidelines ensure legal compliance.

Practical Steps

1. Create the opening balance sheet at the beginning of the fiscal year by transferring all assets and liabilities from the previous year.
2. Open the necessary chart of accounts for the new fiscal year, including both asset and liability accounts.
3. Record all business transactions according to double-entry bookkeeping with correct corresponding accounts and amounts.
4. Prepare monthly trial balances to verify the correctness of the entries.
5. At the end of the fiscal year, create the closing balance sheet by transferring the balances of all balance sheet accounts.
6. Prepare the income statement (P&L) by offsetting the balances of income statement accounts (expenses and revenues).
7. Transfer the annual surplus or deficit to the closing balance sheet to balance it again.
8. Document all transactions according to GoBD requirements with the necessary supporting documents and retention periods.

Common Pitfalls

Further Resources

• Federal Ministry of Finance - GoBD
• Handelsrecht.org - Balance Sheet Basics
• Steuerklassen.com - Double-entry Bookkeeping Explained
• IBES Lexicon - Accounting Dictionary
• Accounting Portal - Basics of Bookkeeping

Knowledge Check

Four questions for self-assessment. Click on each question to see the correct answer and explanation.

What characterizes double-entry bookkeeping?

• A) Each transaction is recorded on only one account
• B) Each transaction is recorded on at least two accounts with equal but opposite amounts
• C) Transactions are recorded only in debit or only in credit
• D) Only revenues and expenses, but no balances are recorded

Correct answer: B. Double-entry bookkeeping requires that each transaction affects at least two accounts with the same amount but opposite signs (debit/credit). Option A describes single-entry bookkeeping, options C and D are incorrect statements about the basic principle.

Which accounting rule applies to asset accounts?

• A) Balances and increases are debited
• B) Balances and increases are credited
• C) Decreases are debited
• D) There are no fixed accounting rules for asset accounts

Correct answer: A. For asset accounts, balances and increases are debited, while decreases are credited. Option B describes the rule for liability accounts, option C is reversed, and option D is incorrect as there are clear accounting rules.

What must always be in balance in a balance sheet?

• A) Debit side and credit side of the chart of accounts
• B) Assets and liabilities
• C) Revenues and expenses
• D) Monthly trial balance and annual financial statements

Correct answer: B. In a balance sheet, assets and liabilities must always be in balance. Option A describes the principle of double-entry bookkeeping, option C refers to the income statement, and option D are different types of financial statements.

What is the purpose of GoBD?

• A) To simplify the preparation of income statements
• B) To establish the principles for proper management and retention of books and records
• C) To standardize the accounting rules for asset and liability accounts
• D) To determine the accounting periods

Correct answer: B. GoBD (Principles for proper management and retention) sets the legal requirements for accounting. Option A is the task of commercial law regulations, option C concerns chart of accounts frameworks, and option D is regulated by the Commercial Code.