Accounting Acumen Level 1: Basic Financial Accounting

Define business as revenue-driven activities: producing, buying, selling, and delivering services, highlighting inventory, cost of goods sold, assets, and cash flow across the supply chain.

Compare three legal business forms—proprietorship, partnership, and corporation—using a coffee stand example to explain personal liability, taxes, and the roles of owners, directors, and management.

Explore how resources are financed through debt and equity, comparing loans and ownership contributions, and examine how financial accounting informs investors and banks.

Explain how reliable information, credibility, comparability, and completeness make general-purpose financial statements useful for investors and lenders, with audits ensuring true and fair presentation under IFRS or US GAAP.

Discover the accounting equation and how assets equal liabilities plus equity. Link financial position with financial performance to reveal how resources are financed and profits are generated.

Explore the double entry system and the main accounting equation, linking assets, liabilities, and equity to financial position, performance, and cash flows through revenues, expenses, and retained earnings.

Record transactions in a journal and apply the accounting equation with debits and credits to assets, liabilities, and equity, while using accounts and subaccounts to summarize data for financial statements.

Learn how to post journal transactions to the general ledger using debits and credits in a double-entry system, forming asset, liability, and equity accounts like inventory and accounts payable.

Explore the balance sheet, detailing assets, liabilities, and equity, with long-term and short-term classifications and examples like cash, inventory, accounts receivable, and contributed capital.

Explore the income statement, its link to equity and retained earnings, and how revenue and expenses determine profit under IFRS 15, including cash flows and when expenses are incurred.

Explore how an income statement summarizes revenue and expenses to compute profit, including the treatment of cost of goods sold, inventory, and variable versus fixed costs.

the statement of changes in equity presents opening and closing balances and the cumulative changes in capital contributions, retained earnings, profit or loss, and dividends, linking to the balance sheet.

Explore how the statement of changes in equity reveals profitability, retained earnings, dividends, and the impact of assets and liabilities on overall equity through year-to-year trends.

Explain the cash flow statement and its three categories—operations, investing, and financing—and show how opening and closing cash connect to the balance sheet using direct and indirect methods.

This lecture outlines formats and names of financial statements, including balance sheet, income statement, changes in equity, and cash flows, with comparatives and earnings per share.

Explore how IFRS and US corporate standards integrate financial statements and practice drafting balance sheets, income statements, changes in equity, and cash flows.

Understand the accounting process from identifying transactions and collecting source documents to posting to the general ledger, preparing a trial balance, and presenting standardized financial statements.

Learn to identify common transaction types and their source documents to trace cash, receivables, payables, revenue, costs, and asset movements through the accounting system.

Identify and record business transactions by selecting debit and credit pairs for each event, using source documents and the inventory, cash, and accounts payable effects to prepare journal entries.

Examine journal entries in the general journal to record transactions. Debit inventory and credit accounts payable for purchases; record interim journal entries for 20 transactions.

Explore how special journals streamline input in the accounting process, covering cash receipts, cash payments, sales on account, and purchases on account, with inventory, accounts receivable, and accounts payable subaccounts.

Learn how the general ledger compiles accounts by the elements of the accounting equation, posting debits and credits from journal entries to inventory, accounts receivable, accounts payable, and cost of goods sold.

Explore the inventory, accounts receivable, and accounts payable subsidiary ledgers. See how their totals feed the general ledger as control accounts and support detailed journal postings.

Learn how posting converts journal entries into financial information by transferring data from cash receipts and cash payments journals to the general ledger and subsidiary ledgers.

Demonstrates posting from the sales and purchases journals to the general ledger and subsidiary ledgers, detailing accounts receivable, sales revenue, cost of goods sold, inventory, and accounts payable steps.

Learn how to convert a trial balance into the income statement, balance sheet, and the statement of changes in equity, ensuring debits equal credits and accurate financial reporting.

Learn the accrual accounting basics, including revenue recognition and the matching principle, and how adjusting entries timing affects when revenues and expenses are recorded.

Explore adjusting entries in accrual accounting, focusing on prepaid expenses and unearned revenue, with practical examples and year-end calculations to recognize expenses and revenues.

Learn how adjusting entries in accrual accounting recognize transactions at the correct timing, covering prepaid expenses, unearned revenue, and unpaid or unrecorded expenses plus uncollected or unrecorded revenues.

Close nominal and real accounts at year end by transferring balances to retained earnings, using journal entries for revenue, expenses, and dividends, linking income statements to the balance sheet.

Complete the full accounting process from recording transactions to preparing financial statements in this integrated assignment, practicing journals, ledgers, trial balance, adjusting and closing entries for ABC Corporation.

Integrated assignment walks you through recording December transactions across cash receipts, cash payments, sales, and purchases journals, posting to ledgers, and making adjusting entries.

post cash receipts, accounts receivable, and purchases totals to general ledger and subsidiary ledgers, then prepare trial balance and income statement, balance sheet, and statement of changes in equity.