Introduction to Accounting in 1 hour - Free ebook included!

learn basics of accounting, why we need it, and how we use it. study the accounting equation, financial statements, and basic principles and assumptions, then work through problems and exercises.

Use accounting as the language of business to communicate a company's performance and position through income statement, balance sheet, and cash flow statement, while identifying and recording transactions.

Learn the four accounting principles, historical cost, revenue recognition, matching, and full disclosure, and two assumptions, going concern and business entity, to understand these concepts for accurate financial statements.

Define assets, liabilities, and owners' equity within the accounting equation. See how assets equal liabilities plus owners' equity to balance the books.

Apply double-entry accounting to analyze how business transactions impact the accounting equation, tracking changes in cash, assets, stock, and liabilities such as notes payable and accounts payable.

Explore how transactions affect the accounting equation by recording revenue, cash, accounts receivable, wages expense, utilities, and the resulting changes in equity.

Explore assets, liabilities, and stockholders' equity through the accounting equation, and see how cash, common stock, notes payable, accounts receivable, inventory, revenues, expenses, and dividends balance the books.

Compute net income of 1,230 from revenues 1,855 and expenses 625, then retained earnings 330 after 900 dividends; prepare income statement and balance sheet totaling 19,130 in assets and equity.

Discover the basics of regular accounting, including debits and credits, the journal, the ledger, and the trial balance, and practice solving problems to apply the knowledge independently.

Learn the basics of debits and credits in this 1-hour introduction to accounting, with a free ebook included.

Solve journalizing and posting to T accounts through a month of business transactions, recording cash, assets, liabilities, revenues, expenses, and equity changes.

Learn how assets, liabilities, and equity accounts use debits and credits to increase or decrease balances, with beginning and ending balances shown by cash and accounts payable examples.

Learn the rules about accounting and adjusting entries. Apply concepts together and then independently to deepen comprehension.

Explore deferrals by distinguishing prepaid expenses and unearned revenues, and learn adjusting entries that move assets to expenses and liabilities to revenues with practical examples.

Explain how accrued expenses accumulate before payment, using utilities as an example. Show how adjusting entries recognize liability and expense, and how reversing entries reset the accounts before payment.

Learn how accrued revenues are earned over time before payment and apply adjusting entries and reversing entries using the December 15 to January 15 timeline.