Accounting 2 Simplified for You
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Accounting 2 Simplified for You

Manage payroll, cash, receivables, inventories & liabilities in easy to follow steps. Great companion of Accounting 1.
4.0 (25 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,457 students enrolled
Created by Majo Jacinto
Last updated 12/2014
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Current price: $10 Original price: $45 Discount: 78% off
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  • 2.5 hours on-demand video
  • 23 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Prepare the correct type financial statements appropriate for your type of business
  • Manage inventory. Calculate inventory costs and choose the right valuation method.
  • Discover ways to improve internal control procedures in your business
  • Be in control of your cash through bank reconciliation
  • Manage your receivables and payables
  • Record payroll and payroll taxes accurately
  • Use promissory notes in business transactions
  • Calculate depreciation expense properly using various methods
  • Estimate your bad debts
  • Calculate cash discounts and simple interest
  • Correct mistakes in recording freight transactions
  • Learn what bookkeepers do in accounting
  • Develop understanding of accounting procedures
View Curriculum
  • Ability to add, subtract, multiply and divide
  • Some understanding of accounting basics like the accounting cycle, the recording process and financial statements
  • Analytical Skills
  • Patience and willingness to learn

Accounting II Simplified for You – is a continuation of a unique, no-nonsense and meaningful approach of understanding basic accounting principles, with special focus in merchandising, inventories, internal control, cash management, fixed assets, receivables, liabilities and payroll. Business transactions are illustrated in simple terms using relevant examples and easy to follow step-by-step instructions.

As the saying goes, “Accounting is the language of business." But you are NOT an accountant, so should you be left behind? ABSOLUTELY NOT! You do not need be an accountant to learn accounting. Give yourself the competitive edge of understanding accounting principles and concepts to better navigate the business environment.

This is a perfect complement to my course Accounting 1 Simplified for You -where you learn the basic framework of accounting, the recording process, the accounting cycle and financial statement preparation. These 2 courses combined will provide you with the framework you need to fully understand and apply accounting in business for any type of industry.

In this class, you will have a series of thoughtfully prepared video lectures using real-life business examples, handouts comes with every lecture and quizzes after each section to reinforce your learning. Dr. Jacinto promotes and encourages lively discussions and feedback sessions. All your questions directly related to the topic will be answered within 24 hours. This course is ideal for college business and accounting students, bookkeepers, business owners, managers and anyone who wants to better understand accounting in business in a way that makes sense to you. For work - this is an excellent go-to accounting course & guide whenever you need a quick refresher; and for school - a perfect study guide and supplement for students in accounting and business.

Who is the target audience?
  • Designed for beginners
  • Some understanding of financial statements and the accounting cycle
  • Excellent study guide for accounting and business students who are currently enrolled in their first college accounting courses
  • Ideal for those who have procrastrinated from taking required accounting courses for fear of difficulty
  • Bookkeepers, accounting clerks, managers and small business owners who are looking to better understand the landscape of business
  • College students who are contemplating accounting as a career
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Curriculum For This Course
27 Lectures
Welcome to Accounting 2 Simplified for You
2 Lectures 06:07
Accounting for Merchandising
4 Lectures 24:31

Prepare service and merchandising financial statements. Sales, Cost of Goods Sold, Gross Profit, Operating Expenses and Net Income. Single step and Multi step Income Statements

Preview 05:22

Recording Inventory, Discounts, Credit Terms & Freight Costs


Cost of Goods Sold, Accounts Receivable, Sales Discount, Using perpetual inventory in recording sales transactions.


FOB Shipping point and FOB Destination. Buying and Selling with or without freight.


Quiz Description

Accounting for Merchandising
10 questions
5 Lectures 17:22

Cost of Goods Sold and Ending Inventory valuation

Inventory Valuation

Calculate cost of goods sold and ending inventory using the Specific Identification Method.

Specific Identification Method

Calculate cost of goods sold and ending inventory using FIFO

First In First Out (FIFO)

Calculate cost of goods sold and ending inventory using LIFO. Difference between FIFO and LIFO

Last In First Out (LIFO)

Calculate cost of goods sold and ending inventory using the Specific Identification Method.

Average Cost

Quiz Description
5 questions
Internal Control
1 Lecture 07:51

Control Environment. Elements of Internal Control. Internal control procedures

Internal Control

Quiz Description
Internal Control
5 questions
Cash Management
1 Lecture 18:15

Manage your cash through the bank reconciliation process

Bank Reconciliation

Quiz Description
Cash Management
5 questions
4 Lectures 26:21

Different types of receivables and how to record them

Accounts Receivable

How to record uncollectible accounts

Bad Debt Expense

Estimate bad debts

Allowance Method of Uncollectible Receivables

Promissory note and Interest Income

Notes Receivable

Quiz Description

5 questions
Fixed Assets
4 Lectures 20:04

Property, Plant and Equipment costs and other acquisition costs

Acquisition and Recording of Fixed Assets

Calculate depreciation and accumulated depreciation using the straight line method.

Preview 03:15

Calculate depreciation and accumulated depreciation using the units of production method.

Units of Production Method

Calculate depreciation and accumulated depreciation using the Double Declining Balance Rate Method.

Double Declining Balance Method

Quiz Description
Fixed Assets
4 questions
2 Lectures 11:07

Record various types of current liabilities. Distinguish current from long term debts

Current versus Long term Liabilities

Promissory note and interest expense

Notes Payable

Quiz Description
5 questions
Payroll Expense and related taxes and liabilities
3 Lectures 16:25

Difference between employees versus independent contractors.

Salaries versus Independent Contractor

Gross Pay to Net Pay calculations. Understanding employee payroll deductions.

Payroll Taxes and Deductions

Recording payroll and payroll tax expenses. Journalizing payroll related transactions.

Payroll Register and Employer Payroll Taxes

Quiz Description
5 questions
1 Lecture 02:44
Wrap Up
About the Instructor
Majo Jacinto
4.3 Average rating
383 Reviews
13,583 Students
5 Courses
Certified Public Accountant & Accounting Professor

Dr. Majo Jacinto is an active professor in accounting, audit, information systems, taxation and nonprofit accounting for approximately 15 years in both the online and ground platforms serving college and graduate students in accounting and business.

Dr. Jacinto’s academic involvement include publishing textbooks, training manuals and sponsoring NYSED approved curriculum for Continuing Professional Education (CPE) credits. As a CPA, Dr. Jacinto is an actively engaged accounting practitioner serving for profit and non-profit organizations on Long Island, NY.

She earned her Doctor of Management degree at Colorado Technical University. She completed her MBA and undergraduate degree in Accounting at New York Institute of Technology. She also completed a baccalaureate degree in Economics and Psychology.


I am invested in your success. My passion lies in being your guide by the side and see you not only perform but transform into successful business professionals and be the best you can be through accounting education.

“Be a lifelong learner. Perform consistently well, communicate effectively, think analytically and speak fluently the language of business = accounting (Jacinto, 2013).”