ACCOUNTING FUNDAMENTALS

An introduction to financial accounting

Created byHelmut Hauke

Last updated 2/2025

English

What you'll learn

Understand basic accounting concepts, ethics, business structures, accounting standards, the accounting equation, and financial statements.
Learn key accounting terms, debits and credits, and how to record and post transactions.
Understand trial balances, accrual vs. cash accounting, and how to recognize revenues, expenses, and adjustments.
Prepare financial statements from the adjusted trial balance, understand accounting worksheets, and the closing process.
Learn internal control principles, perform bank reconciliations, and manage cash controls and ethical considerations.
Identify and apply internal controls for receivables, including the allowance and direct write-off methods.
Understand accounting for notes receivable and how to present and analyze receivables on the balance sheet.
Learn about the cost, amortization, and depreciation of property, plant, and equipment.
Understand the disposal of assets and the accounting for natural resources, goodwill, and intangible assets.
Differentiate between current and long-term assets/liabilities, calculate financial ratios, and analyze sales and inventory
Analyze financial statements with horizontal and vertical analysis, and evaluate performance using financial ratios.
Apply the accounting principles and techniques learned throughout the course by completing an assignment.

Course content

1 section • 13 lectures • 1h 53m total length

Introduction and Lesson 120:01
In this lesson you will become familiar with the fundamentals of accounting, including its definition, ethics, business organization types, accounting standards, the accounting equation, and financial statements.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 1
Accounting Cycle - Part 17:54
In this lesson, you will learn the basic accounting terminology, rules of debits and credits, and how to analyze, record, and post transactions to the ledger.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 2
Accounting Cycle - Part 212:26
In this lesson, you will learn about the preparation of trial balances, the differences between accrual and cash-basis accounting, and how to recognize revenues and expenses, including adjusting entries.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 3
Accounting Cycle - Part 38:25
In this lesson you will learn how to prepare financial statements from the adjusted trial balance, understand the accounting worksheet, the closing process, and the steps in the accounting cycle.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 4
Internal Control14:26
In this lesson, you will learn the principles of internal control, perform bank reconciliations, and understand internal controls related to cash receipts and payments, along with ethical considerations.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 5
Accounts Receivable - Part 113:50
In this lesson, you will learn to identify types of receivables and apply internal controls, including the allowance and direct write-off methods for uncollectible receivables.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 6
Accounts Receivable - Part 29:04
In this lesson, you will become familiar with the accounting and reporting of notes receivable, including how to present receivables on the balance sheet and analyze related ratios.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 7
Capital Assets - Part 15:36
Learn about the cost and amortization of property, plant, and equipment, and the impact of depreciation on financial statements.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 8
Capital Assets - Part 26:37
In this lesson, you will learn about the disposal of property, plant, and equipment, the accounting treatment for natural resources, goodwill, and intangible assets.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 9
Financial Statement Analysis - Part 16:49
In this lesson, you will learn to differentiate between current and long-term assets and liabilities, calculate financial ratios such as the current ratio and debt ratio, and analyze sales, gross margin, and inventory turnover.
REQUIRED
View video lecture
Answer review questions (see attached pdf)
Complete quiz
Quiz 10
Financial Statement Analysis - Part 27:17
In this lesson you will learn to analyze financial statements using horizontal and vertical analysis and understand various financial ratios for evaluating a corporation's performance.
REQUIRED
View video lecture
Download ratio summary
Answer review questions (see attached pdf)
Complete quiz
Quiz 11
Assignment0:20
This assignment provides an opportunity for students to apply their knowledge. Solutions are also provided.
The following files are available for download:
Assignment.pdf (contains all required information and materials)
Solutions.pdf
INSTRUCTIONS:
Download and complete the assignment.
After finishing, compare your work with the provided solutions.
Closing Remarks1:11
To conclude this course, the instructor will deliver his closing remarks.
Please view video

Requirements

No prior experience is required to enroll in this course

Description

"Accounting Fundamentals" is a comprehensive course designed to introduce students to the core concepts and practices of accounting. Throughout the course, learners will gain the skills necessary to prepare basic income statements and balance sheets for sole proprietorships, understand and apply fundamental accounting principles, and recognize and record business transactions. The course also delves into key areas such as the importance of internal control, the role of accounts receivable, and the accounting for capital assets, providing students with a well-rounded foundation in financial accounting.

In addition to theoretical learning, this course includes review questions and quizzes that reinforce the concepts taught, ensuring that students can apply their knowledge in real-world scenarios. By the end of the course, learners will have developed the ability to calculate standard financial ratios and evaluate financial health, making them well-prepared to enter more advanced accounting studies or begin applying their skills in professional settings. Whether you’re pursuing a career in accounting or simply seeking to understand the basics of financial management, this course provides the essential tools and knowledge needed for success.

The course is organized into 12 lessons:

LESSON 1:
Understand basic accounting concepts, ethics, business structures, accounting standards, the accounting equation, and financial statements.

LESSON 2:
Learn key accounting terms, debits and credits, and how to record and post transactions.

LESSON 3:
Understand trial balances, accrual vs. cash accounting, and how to recognize revenues, expenses, and adjustments.

LESSON 4:
Prepare financial statements from the adjusted trial balance, understand accounting worksheets, and the closing process.

LESSON 5:
Learn internal control principles, perform bank reconciliations, and manage cash controls and ethical considerations.

LESSON 6:
Identify and apply internal controls for receivables, including the allowance and direct write-off methods.

LESSON 7:
Understand accounting for notes receivable and how to present and analyze receivables on the balance sheet.

LESSON 8:
Learn about the cost, amortization, and depreciation of property, plant, and equipment.

LESSON 9:
Understand the disposal of assets and the accounting for natural resources, goodwill, and intangible assets.

LESSON 10:
Differentiate between current and long-term assets/liabilities, calculate financial ratios, and analyze sales and inventory.

LESSON 11:
Analyze financial statements with horizontal and vertical analysis, and evaluate performance using financial ratios.

LESSON 12:
Apply accounting principles and techniques through an assignment.

Who this course is for:

This course is targeted at anyone who wants to gain a better understanding of financial information