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What you'll learn
- An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and Credits
- Analyze, use, and create from scratch financial statements including a balance sheet, income statement, statement of equity, and statement of cash flows
- Use the concepts of the double entry accounting system
- Record financial transactions using the accounting equation
- Record financial transactions using debits and credits
- Learn when and how to use accounting methods such a the accrual method and cash method
- Apply the concepts related to the revenue recognition principle and the matching principle to recording transactions and reading financial statements
- Record period end adjusting entries and be able to explain why adjusting entries are necessary is a well designed accounting system
- Record merchandising transactions. Record transactions involving inventory
- Track inventory using cost flow methods like FIFO, LIFO, and Weighted Average Methods
- Create and use subsidiary ledgers like accounts receivable by customer and accounts payable by vendor subsidiary ledgers
- Learn how to create and use special journals and how they can be part of an accounting system
- Construct and interpret a bank reconciliation, one of the most critical internal controls
- Be able to implement internal controls over cash
- Value account receivable and record bad debt expense using either the allowance method or direct write off method
- Calculate depreciation using different depreciation methods including straight line depreciation, double declining balance, & units of production depreciation
- Record payroll transactions and calculate net pay and income tax withholding
- Record transaction specific to partnerships including methods to allocate net income to the partners, adding a new partner, and a partner leaving or selling a partnership interest
- Record transaction specific to a corporation including selling capital stock, selling preferred stock, buying treasury stock, issuing cash dividends, and issuing stock dividends
- Record transactions related to the issuance of bonds
- Record transactions related to notes payable. Learn to create an amortization table.
- Construct a statement of cash flows using the direct method and indirect method. We go into more detail about best practices to construct a statement of cash flows than any other course we have seen
course Description :
Recently updated with A LOT of added content.
Includes downloadable e-book in multiple formats so you can open it on your tablet or Kindle - Formats (EPUB, MOBI, PDF).
This course is an excellent supplement for students or anybody who wants to learn accounting and also have something they can refer back to in the future. Udemy generally provides lifetime access to the course.
Many accounting students do not receive a physical book, they get to keep from their school, and even if they did, the information could become dated. Students who want a useful reference tool they can keep, and one that can be more easily updated then a textbook, will benefit from a resource such as this.
Financial accounting is a LARGE topic and is not something that can be done well in 5, 10, or 20, hours of content, as you may see claimed elsewhere. We will cover accounting theory because theory and concepts are what accounting is. We need to learn theory so we can make appropriate adjustments in the real world. Learning procedures without understanding the theory will make us inflexible and unable to adapt to the ever-changing environment. We will learn the theory while we apply them to procedures.
Financial accounting is relatively standardized in format. In other words, most accounting institutions will cover much the same topics, often in much the same order. We suggest looking up a standard accounting textbook, checking the index, and comparing the topics to the courses you are considering purchasing. We believe this course will line up well to anybody’s needs who want to learn financial accounting.
Below is a list of topics by section:
Section SEC 1 An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and Credits
Section SEC 2 – Recording Period End Adjusting Entries
Section SEC 3 – Recording Closing Entries
Section SEC 4 - Merchandising Transactions – Transactions Involving Inventory
Section SEC 5 – Inventory Cost Flow Assumptions (FIFO, LIFO, Weighted Average Methods)
Section SEC 6 – Subsidiary Ledgers & Special Journals
Section SEC 7 – Bank Reconciliations & Cash Internal Controls
Section SEC 8 – Accounts Receivable – Allowance Method & Direct Write Off Methods
Section SEC 9 – Depreciation Methods & Property Plant & Equipment
Section SEC 10 – Payroll Accounting
Section SEC 11 – Partnership Accounting
Section SEC 12 – Accounting for Corporations
Section SEC 13 – Bonds Payable, Notes Payable, & Long-Term Liabilities
Section SEC 14 – Statement of Cash Flows
The course will start off at the basics and work all the way through the financial accounting topics generally covered in an undergraduate program.
First, we will describe what financial accounting is and the objectives of financial accounting. We will learn how the double-entry accounting system works by applying it to the accounting equation. In other words, we will use an accounting equation to record financial transactions using a double-entry accounting system.
We well learn all topics by fist having presentations and then applying the skills using Excel practice problems. If you are not familiar with how to navigate through Excel, it is OK. We will use preformatted worksheets, have step by step instructional videos, and will start off relatively slow.
The next step is to apply the double-entry accounting system using debits and credits. Debits and credits are a new concept to most people not familiar with accounting, or possibly worse, many people have misconceptions about the meaning of debit and credit due to its use in areas like bank statements, credit cards, and debit cards.
We will cover the rules related to debits and credits in a lot of detail. We will then record similar transactions we had done using the accounting equation, but now using debits and credits.
After we get good at recording transactions using debits and credits, we will learn period end adjusting entries. Adjusting entries are used to adjust the books to represent an accrual basis at the period end better, and they are a great tool for enforcing the concepts of accrual accounting.
Next, we will use the data we have learned to put together by recording financial transactions into financial statements, including the balance sheet, income statement, and statement of equity. We will learn to construct a statement of cash flows much later in the course.
After completing the financial statements, we will learn how to journalize and post-closing entries. Closing entries are used to clean out temporary accounts and prepare for the transactions that will be recorded in the next period.
The steps we have just outlined are critically important to all accounting, and we will need a reasonably good understanding of them to move forward. In other words, the better we understand these concepts, the more natural learning the rest of financial accounting will be. We recommend spending a good deal of time on these concepts and reviewing them often. Think of these skills as a baseball player thinks of playing catch or a musician thinks of playing the basic scales. We should put in some practice with the basics every day.
Next, we will add inventory to the mix. All the skills we have learned will still apply, but we will now record transactions related to the purchase and sale of inventory.
We will also learn to track inventory using different methods. We can use specific identification. In other words, we can track the exact unit of inventory that was sold as a car dealership would do. However, companies generally use a cost flow assumption with smaller items that are the same in nature, assumptions like First In Fist Out (FIFO) or Last In Last Out (LIFO). A company may also use a weighted average method.
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