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Accounting in 60 Minutes - A Brief Introduction

Name: Accounting in 60 Minutes - A Brief Introduction
Rating: 4.5 (18264 reviews)

Learn the very basics of accounting in just about an hour.

Created byVincent Turner

Last updated 7/2021

English

What you'll 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

Course content

8 sections • 16 lectures • 1h 0m total length

What = Who4:04
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.
Let's Buy a Car3:33
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.
Some Practice Entries3:24
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.
CPE Review Quiz: Section 1

Debits = Credits7:19
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!
The Trial Balance5:55
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.
Debit and Credit Worksheet - A One Page Template to Help You Know When To Debit!1:00
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!
CPE Review Quiz: Section 2

Income Accounts7:06
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.
Net Income4:07
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.
The Income Statement4:28
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.
CPE Review Quiz: Section 4

It's All About Timing4:16
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.
Income Does Not Equal Cash4:54
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!
Expenses and Timing3:25
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.
CPE Review Quiz: Section 6

How To Increase Your Profits with Break Even Analysis!30:00
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!
CPE Qualified Assessment

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.

CPE (Continuing Professional Education)

Learning Objectives

Apply the basic accounting formula
Identify assets, liabilities and equity
Describe how the income statement and balance sheet are connected
Recognize why profit does not equal cash
Interpret a balance sheet
Predict when an account increases with a debit or increase with a credit
Summarize the purpose of a trial balance
Differentiate income statement accounts from balance sheet accounts

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Who this course is for:

business owners
managers
business students
beginning accounting students

Accounting in 60 Minutes - A Brief Introduction

What you'll learn

Explore related topics

Course content

The Accounting Equation3 lectures • 11min

Everything Balances3 lectures • 14min

The Balance Sheet1 lecture • 6min

Let's Make Some Money!3 lectures • 16min

Let's Put Together a Financial Statement1 lecture • 9min

Profit Does Not Equal Cash!3 lectures • 13min

Conclusion1 lecture • 2min

Extras!1 lecture • 30min

Requirements

Description

Who this course is for: