Bookkeeping, Accounting, and financial accounting are embedded economically in all levels and types of business organizations. This is a result of the importance of record keeping in daily business transactions to the government, business enterprises, society, and us. Even a layman otherwise known as a small store keeps records, which is why a bookkeeper has to tackle "incomplete records".A professional could make errors, this brings about the "correction of errors". Also, the need; for organizations to be socially, politically, and economically recognized, to attract investors, to reap benefits accruing from standard and systematic record-keeping, to give business updates to the users of accounting information, and so on. Hence, enterprises are demanding students/professionals with appropriate skills to ensure their business data or information otherwise known as financial statements reflects the true and fair views, I am concerned about building students' confidence, simplifying accounting methods for students, and walking you through the process of accounting equation ( assets = liabilities ) by the application of its principles and how to identify discrepancies affecting business records. How to fix these discrepancies using tools like trial balance, control account, bank reconciliation statement, and other errors as they affect day-to-day posting/records. With the use of practical examples and source documents ( physical or digital). Other adjustments like accruals and prepayments must be well understood by bookkeeping or accounting students. However, the appropriate application and effective understanding of the above will lead to the successful preparation of a financial statement that comprises profits and loss accounts of different organizational settings, a statement of financial position, a statement of cash flow, a statement of change in equity, and disclosure notes.