Accounting 1 Simplified for You
4.4 (526 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
4,063 students enrolled

Accounting 1 Simplified for You

Your no-nonsense guide to understanding accounting principles in easy to follow explanations and step-by-step examples.
4.4 (528 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
4,063 students enrolled
Created by Majo Jacinto
Last updated 11/2014
Current price: $34.99 Original price: $49.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 2.5 hours on-demand video
  • 7 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Design an accounting information system for a small business
  • Identify, classify and journalize the transactions of small business start up.
  • Prepare adjusting entries, generate a trial balance and maintain the general ledger.
  • Prepare financial statements - Income Statement, of Owner's Equity, Balance Sheet & Statement of Cash Flows
  • Understand and apply the value of financial information in managing a business.
  • Discover career opportunities in accounting
  • Appreciate and apply the value of accounting in your career
  • Ability to add, subtract, multiply and divide.
  • Analytical Skills
  • Patience and willingness to learn

Accounting 1 Simplified for You - is a unique, no-nonsense and meaningful way of understanding accounting basics by illustrating how business transactions are recorded in simple terms and step-by-step easy to follow exercises. Discover how easy it is to prepare financial statements and design your own accounting information system.

Empower yourself with the advantage of knowing and understanding your organization's economic conditions through financial statements. Possess the ability to convert data into information that is meaningful to you. Convert your fear in accounting to confidence based on understanding the "jargon" in your own terms. Sharpen your analytical skills and empower yourself with understanding accounting for your business.

In this class, you will have a series of thoughtfully prepared video lectures, using real-life business examples and practice exercises 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. This is an excellent study guide and supplement for students in accounting and those who are looking for a quick refresher. This course is an excellent complement to Accounting 2 Simplified You.

Who this course is for:
  • Intended for beginners audience
  • None or very little understanding of accounting
  • Excellent study guide for accounting and business students who are currently enrolled in their first college accounting courses.
  • Ideal for those who have procrastinated from taking required accounting courses for fear of its difficulty.
  • Bookkeepers, accounting clerks, managers and small business owners who are looking to understand the big picture
  • College students who are considering accounting as a career track
Course content
Expand all 13 lectures 02:18:52
+ Understanding Business, Making Decisions and Accounting Basics
2 lectures 26:11

Purpose of business. Service, Merchandising & Manufacturing. Sole proprietorship, Partnership & Corporation.

Preview 09:27

Accounting information system for business management, borrowing, regulatory and compliance. Results communicated in financial statements. Internal and external users of financial statements. Managerial accounting & Financial accounting.

What is Accounting? Role of accounting and ethics in business. GAAP

A multiple choice quiz for the section we just covered.

Test your Knowledge
10 questions
+ Discover how it's done in a real business setting.
3 lectures 38:24

Setting up a small business. Sample company transactions. .

Preview 01:40

Using the accounting equation to record business transactions. Assets = Liabilities + Owner's Equity. Capital + Revenue - Expenses. Starting a new business.

Accounting Equation and Recording business transactions. New company setup

Income Statement, Statement of Owner's Equity, Balance Sheet, Statement of Cash Flows. Profit and Loss Statement. Operating, Investing and Financing activities. Sequence of financial statement preparation.

Financial Statements and the reporting process.

Test your understanding of the recording process for a small business.

Test your Knowledge
10 questions
+ Let's design the accounting system for your business.
4 lectures 38:21

List of accounts used to record business transactions. Assets, Liabilities, Capital, Revenues and Expenses. Account numbers.

Preview 04:38

The recording process. Journal entries. When to debit or credit?

Journalizing transactions. Rules of Debits and Credits

Posting journal entries to the general ledger. Importance of the ending balances.

General Ledger - keeping track of account balances

Unadjusted trial balance report

Preparing a trial balance report for what purpose?

Chart of accounts, journal entries, general ledger and trial balance

Test your Knowledge
5 questions
+ Cash versus Accrual. Adjusting Entries & Financial Statements
2 lectures 29:55

Basis of recording transactions. Prepaid Expenses, Deferred Revenue, Accrued Revenues and Accrued Expenses.

Cash versus Accrual. Adjusting Entries

Income Statement, Statement of Owner's Equity, Balance Sheet and Statement of Cash Flows. Sequence of preparing financial reports.

CONCLUSION - Financial Reports preparation, sequence and analysis.

Cash basis and accrual basis accounting. Adjusting entries.

Test your Knowledge
5 questions
+ Career Opportunities in Accounting
1 lecture 00:00
Explore opportunities in the accounting field
3 pages