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Accounting Basics

Learn concepts in financial accounting

Instructed by Eric Knight DBA, CPA, CGMA

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  • Learn the basics of accounting. This course provides a foundational understanding that is crucial in developing a better understanding of accounting.

This course is designed to give the user a basic understanding of financial accounting.  The course explains the accounting process by following some everyday small business owners through the accounting cycle.

This course is designed with beginning level accounting students in mind.  Small business owners that want to understand accounting better so they could either do the bookkeeping or better understand the financial statements would also benefit from this course.

This course starts from the beginning. It covers basic terms, concepts, and topics.  A series of small business owners are used as examples throughout the course.  You follow these businesses throughout the lectures.

By the end of the course you will have an understanding of financial accounting that will provide a foundation for further learning in this subject.

  • This is a beginning level course. There are no requirements
  • Beginning accounting student, or small business owner that needs overall basic accounting.
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Section 1 : Introduction

  • Lecture 1 :
  • This lecture will explain what you will learn and what to expect in this course.  You will be introduced to the small businesses that will be used as examples throughout this course.
  • Lecture 2 :
  • The Transaction
  • An important concept to understand before learning accounting is the idea of a transaction. This lecture will explain the term 'transaction' and give examples from small businesses.
  • Lecture 3 :
  • Financial Statements
  • Financial accounting eventually ends up with a set of financial statements. This lecture will give an overview of these statements, who they are for, and how they can be useful.

Section 2 : Basic Building Blocks

  • Lecture 1 :
  • Balance Sheet
  • The balance sheet provides key information to the user. This lecture gives an overview of what kind of information is available in a balance sheet and how it might be useful.
  • Lecture 2 :
  • Assets
  • Let's learn what an asset is and how that information is important to the managers and the users of the financial statements.
  • Lecture 3 :
  • Liabilities
  • What is a liability? Why is that important to understand in business? How might that information be useful to you?
  • Lecture 4 :
  • Equity
  • Equity is often misunderstood. What is the concept of equity? How might understanding this concept be valuable to you?
  • Lecture 5 :
  • Income Statement
  • The profit of a business is important to know. The income statement provides information on profit as well as an understanding of the performance of the managers in the business.
  • Lecture 6 :
  • Accrual Basis
  • The concept of accrual basis is necessary to understand before the accountants can begin making the financial statements. This lecture will explain accrual basis with examples from some small, everyday business examples.

Section 3 : The Accounting Cycle

  • Lecture 1 :
  • Debits and Credits
  • The scariest terms often uttered in accounting are 'debits and credits'. By the end of this lecture you will understand these terms and see why they are not scary at all!
  • Lecture 2 :
  • Accounts
  • Accounts are the basic building blocks used to make our statements. Let's learn what they are and how to use them!
  • Lecture 3 :
  • Journalizing
  • Now that we understand all the basics, we can start taking business activities and putting them into our reports. That is what accountants call 'journalizing'. You will follow some small business owners and see how they accomplish this.
  • Lecture 4 :
  • Posting
  • Posting is the next step in the accounting process. What is it and how is it completed? You will see this and more as you continue to follow the small business owners.
  • Lecture 5 :
  • Trial Balance
  • The next step is to make a trial balance. A trial balance provides a total for each account. Why do we call it a 'trial balance'? You will soon know!
  • Lecture 6 :
  • Making The Financial Statements
  • The end result of all the hard work is a set of financial statements that can be used by managers, investors, lenders, as well as many other people. In this lecture we will complete the accounting cycle by making a set of financial statements suitable for a small business.
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Eric Knight DBA, CPA, CGMA,

Hello!  My name is Eric Knight.  Simply stated I am a teacher.  I have taught students in classrooms, in online colleges, and with online courses I developed.  I am a life-long learner.  I earned degrees all the way up to a doctorate. I also earned certifications including becoming a CPA.  My education is a big factor in my success in life and I want to help others gain success through their own learning path. I am passionate about helping other students learn.  I have researched learning and use my research and experience to help students succeed.  I strive to continue to improve my teaching style and develop better courses. It is my goal to make the complex topics simple.  It is my pleasure to meet you! Eric
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