Accounting in 60 Minutes - A Brief Introduction
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Accounting in 60 Minutes - A Brief Introduction

Learn the very basics of accounting in just about an hour.
4.5 (3,761 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.
50,806 students enrolled
Created by Vincent Turner
Last updated 10/2015
English
Price: Free
Includes:
  • 1 hour on-demand video
  • 3 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand the basic accounting equation
  • Know the difference between a debit and a credit
  • See how to prepare a balance sheet and income statement
  • Understand why profit does not equal cash
View Curriculum
Requirements
  • No prerequisite knowledge is required!
Description

This is not your typical accounting course!

Professor Turner has taught thousands of students basic accounting. He has developed shortcuts and analogies to make learning accounting easy. If you want to understand this subject in a simple, fun way then this brief introductory course is for you.

This course will show you the very basics of accounting. You can complete it in about an hour. The course includes videos of the instructor at the whiteboard. You will complete simple quizzes to reinforce what you have learned. This course is intended for business owners, business students, managers or anyone who wants to understand basic accounting. It presents the information in an understandable format. Even if you have taken an accounting course you will find the material insightful.

The course introduces

  • The Accounting Equation (One you can understand!)
  • Balance Sheets
  • Income Statements
  • Debits and Credits (And how to know which is which!)
  • Why Profit Does Not Equal Cash!

If you have dreaded the thought of learning accounting, this is exactly the introduction you will welcome!

Why should take this course?

You are a business owner. You want your business to succeed and you know that you need a better understanding of how the numbers are put together.

You are a manager. You deal with accounting staff, bookkeepers, owners and subordinates. You hear accounting terms daily but you want to know more about what accounting means.

You are a business student. You dread taking your first accounting course. Or maybe you are in an introductory class right now. It all sounds so complicated. You want to find a simple explanation of what you are trying to learn.

You are an accounting student. You feel that you really did not get a firm grasp of the basics. You would like to start from scratch in an easy to learn format.

Who is the target audience?
  • business owners
  • managers
  • business students
  • beginning accounting students
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Curriculum For This Course
Expand All 16 Lectures Collapse All 16 Lectures 01:40:39
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The Accounting Equation
3 Lectures 11:01
The accounting equation is the basis of accounting.  However, the formal equation can be confusing.  In this lecture you will learn the simplified equation (What=Who) and how it is the foundation of the accounting profession.  By the end of the lecture you will understand the more formal accounting equation.
What = Who
04:04

The best way to learn the accounting equation is to look at an example that we are all familiar with.  In this lecture we will buy a car.  We will look at this purchase from two views: what are our assets and who has claim to them.  Please excuse my car drawing skills!  By the end of the lecture you will have a clearer understanding of the accounting equation.
Let's Buy a Car
03:33

This lecture will begin to use specific accounts.  Accounts summarize similar activities.  You will begin to see which accounts are assets, which are liabilities and which are equity.
Some Practice Entries
03:24

Questions about the basic accounting equation.

What = Who
2 questions
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Everything Balances
3 Lectures 13:14
Debits and credits give accounting students fits.  In this lecture you will get a clear understanding of what is a debit and what is a credit.  You will know by the end of the lecture when to debit and when to credit.  You will find that this is a painless activity!
Debits = Credits
07:19

A trial balance is just that: we try to balance.  In this lecture we will set up a trial balance and see why it is an important tool for accountants.  And you will understand why it can save us a lot of time before we prepare our financial statements.
The Trial Balance
05:55

Debits and Credits
2 questions

I've developed a one page scratch sheet that you can use when entering debits and credits. You will see that the T-account is shaded on the side that reflects its normal balance. Print these out and keep them near by!

Debit and Credit Worksheet - A One Page Template to Help You Know When To Debit!
1 page
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The Balance Sheet
1 Lecture 06:00
In this lecture we prepare our first financial statement!  It is the Balance Sheet. You might have seen balance sheets before.  You will see how they are prepared and what they mean. Your knowledge from the previous lectures will give you the skill to understand the details on this statement.
It Balances!
06:00

What have you learned about the balance sheet!
The Balance Sheet
1 question
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Let's Make Some Money!
3 Lectures 15:41
In the very early days of accounting, business managers did not have an easy mechanism for keeping track of income and expenses.  In this lecture you will see why we developed income and expense accounts.  You will understand their impact on equity.  You will see how they are related to the balance sheet.
Income Accounts
07:06

In this lecture you will learn the connection between net income and the balance sheet.  By the end of the lecture you will see how income (and expense) affects the balance sheet.
Net Income
04:07

The income statement!  In this lecture you will see how it is prepared and how it contrasts the balance sheet.  This is a major financial statement and by the end of the lecture you will understand it's use.
The Income Statement
04:28

A short quiz about what you have learned about the income statement.
Income Statement
2 questions
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Let's Put Together a Financial Statement
1 Lecture 00:00

Here is a valuable extra! I've placed this short ebook for you that will reinforce much of the information that we have covered so far! I even did the artwork myself!

A Short Ebook on How to Put Together a Balance Sheet
9 pages
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Profit Does Not Equal Cash!
3 Lectures 12:35
Many business owners and managers believe that profit equals cash.  That mistaken belief can jeopardize their businesses.  In this lecture you will see why profit does not equal cash.  You will also understand when we recognize income and when we recognize expenses.
It's All About Timing
04:16

This lecture will show you that cash can come in before we recognize income, when we recognize income or after we recognize income.  By understanding this, you will see that cash flow does not follow income.  This knowledge is not only valuable as a student of accounting but it can also save your business!
Income Does Not Equal Cash
04:54

This lecture will explain why cash can go out of our business before we make an expense, when we make an expense or after we make an expense.  Again you will gain insights to why profit does not equal cash.  This information along with what you learned in the previous lecture will demonstrate how important it is for a business to manage cash flow.
Expenses and Timing
03:25
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Conclusion
1 Lecture 02:08
It's wrap up time!  In just few lessons you have learned some very important basic accounting concepts!  We will review the major points.  This was a fun adventure!  You have acquired valuable information that can help you in business.  And you have a good introduction that can help you pursue accounting coursework.
What We Have Learned
02:08
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Extras!
1 Lecture 00:00

A cupcakes store recently opened in our town. It was located in the new section of the city. The owner did not spare any expense in setting up the store. But alas. Twelve months later the store closed and the owner's dreams were vanquished.

I thought to myself: "They didn't figre out how many cupcakes to sell to pay the rent!"

Every day entrepreneurs launch their dream and look forward to the day when their operation is a thriving business. However, they don't calculate how many cupcakes do they have to sell to pay the rent!

What is takes to break even is the single most important number in your enterprise. Without it, you do not have a targe to reach for.

This ebook "Who To Increase Your Profits with Break Even Analysis" will show you not only how to compute your break even point, but it will give you four strategies to increase your profits.

Whether you have been in business for some time or if you are just thinking about starting a business, this fun to read booklet provides you the tools to formulate a profitable strategy!

It is my gift to you! Enjoy! I hope that it makes for ever expanding profits!

How To Increase Your Profits with Break Even Analysis!
30 pages
About the Instructor
Vincent Turner
4.5 Average rating
3,882 Reviews
55,247 Students
2 Courses
Join Vince for an Enjoyable Class!

Vince has taught accounting, business and information technology classes for the last ten years. He holds an MSBA and is a Certified Information Systems Auditor. He has taught thousands of students and his goal is to always make complex subjects easy to understand.

Vince has always been involved in education. In addition to teaching he served as an elected community college trustee.

Please join him for a fun class!