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What you'll learn?
- Describe and recognize the accounting underlying any set of financial statements.
- Analyze business transactions to determine which are reportable and of those which are on account of income and which are on account of capital.
- Prepare journal entries for common business transactions.
- Post entries to create a general ledger and a trial balance using a spreadsheet.
- Prepare the income statement, the statement of changes in equity, and the balance sheet.
This course is for aspiring accountant or finance people who want to improve their understanding of how accounting works. This course packs into one hour the best of what you need to know to perform accounting. Along the way, I’ll show you tips and techniques to make sure you stay on track and your books balance. I will teach you how to prepare financial statements using a simple conceptual model that can apply to any organization small or large.
- No prerequisites are required.
- Anyone looking to learn more about accounting and the principles of accounting should take this course including business students, non-finance business people, and managers looking to further develop financial acumen.
Curriculum 5 Lectures 00:56:05
Section 1 : Welcome to the Course!
- Lecture 1 :
In this introduction, Iâ€™ll share with you the framework for this course. Whether you just starting your university program in business or you are someone looking to build competency in accounting, this course is for you. When you learn the principles of accounting, you learn about all facets of the organization. Everything eventually flows through the accounting records. The accountant control and communicates the information about the organization. In this course, you'll be provided with a conceptual model of accounting and then see it in action with a sample case that you can follow along.
- Welcome to the Course! Preview
Section 2 : Debits and Credits.
- Lecture 1 :
In this lesson, I will establish a conceptual of model for accounting using the formula: Assets = Liabilities + Equity. From there, I'll introduce you to debits and credits. We will walk through an accounting system. We'll finish off by looking at the financial statements of a Fortunate 500 company. Talk about learning fast!
- Debits and Credits.
Section 3 : Preparing Journal Entries.
- Lecture 1 :
In this lesson, I am going to analyze events that happen in the business to determine which of those give rise to accounting transactions. From there, I will show you how to work through a month end using a case full of common transactions to help you learn how to prepare journal entries.
- Preparing Journal Entries.
Section 4 : Posting Journal Entries to a Trial Balance.
- Lecture 1 :
In this lesson, we roll up our sleeves and post all the entries from the last lesson to a working trial balance using a spreadsheet. So many new learners get step mixed up and I'm going to show you how to do it right the first time every time.
- Posting Journal Entries to a Trial Balance.
Section 5 : Preparing Financial Statements.
- Lecture 1 :
Now for the moment of truth, can we prepare financial statements. In this lesson, I'm going to have to prepare an income statement (easy-peasie), a statement of changes in equity - which just about everyone ignores, but is important for you to prepare so that your balance sheet balances the first time, every time.
- Preparing Financial Statements.
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