Basic Accounting for Dummies
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Basic Accounting for Dummies

Making accounting concepts & application easy to understand!
0.0 (0 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.
3 students enrolled
Last updated 4/2020
English
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Current price: $13.99 Original price: $19.99 Discount: 30% off
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This course includes
  • 1.5 hours on-demand video
  • 2 articles
  • 54 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Basic accounting principles and the application thereof.
Requirements
  • No prior accounting experience required.
Description

In this course, I will cover basic accounting principles and then apply them to examples. I will cover the following concepts: The accounting flow chart, source documents, the accounting equation (with its different elements), and the double-entry accounting system. We will apply these concepts by doing example questions for the double-entry accounting system (accounts debited and credited), effects of transactions on the accounting equation, the posting of transactions/balances from the Journals to the General Ledger T-accounts and end off matching transactions to source documents and Journals.

Who this course is for:
  • Any person curious about accounting.
Course content
Expand all 30 lectures 01:34:48
+ Understand the most crucial concepts of accounting
9 lectures 17:22

Accounting can be very easy if you understand the principles, basic terms and building blocks that form the foundation of the field. This section will look at the most crucial concepts needed to find your way in and around the Subject. I also added the question paper and answer book that we will deal with during this course.

Preview 00:18

In this lecture, I will be discussing the accounting flow chart. This chart contains various concepts, including a transaction, source documents, journals, and General ledger T-accounts. This chart will give the student an overview of the accounting process and will show how concepts discussed in this course will fit in within the bigger picture.

Accounting flow
03:38

What is meant by the accounting concept of an asset? We will also look at the different categories and look at different examples of each category. Watch the attached video for more information.

Preview 02:43

What is meant by the accounting concept of the owner's equity? I will also discuss the different categories and mention different examples. Watch the attached video for more information.

Owner's Equity
02:35

What is meant by the concept of a liability? We will also look at the different categories and look at different examples of each category. Watch the attached video for more information.

Liabilities
02:33

What is meant by the concept, the accounting equation? The equation states that Assets = Owner's Equity + Liabilities. Watch the attached video to unpack this concept.

The accounting equation
01:12

What is meant by a debits and credits double-entry system?

The debit and credit entries are made to record changes in value resulting from business transactions. Double-entry accounting is a method of bookkeeping that tracks where your money comes from and where it’s going. For every debit (left-side of a General ledger T-account), there must be a credit (right side of a General ledger T-account), otherwise, the accounting equation and the business's book will not balance. 

We will look at this topic in more detail in Section 2 by applying the concepts to a question.

Double entry accounting system
02:24

A Source document is an original record/ document/ slip that contains the detail of a transaction that is entered into the double-entry accounting systems. The source document can be printed on paper or in electronic form.

Source documents
01:45

You are now at the end of Section 1. It is important that you understand the accounting concepts in Section 1 before moving on to the rest of the course.

Conclusion
00:14

We will revise if you understand the basic concepts done in Section 1.

Accounting concepts
5 questions
+ The double entry accounting system
3 lectures 11:14

In Section 2 we will be dealing with the Double-entry bookkeeping system in accounting.The double-entry bookkeeping system requires that every entry to an account has a corresponding and opposite entry to a different account. The double-entry entails two equal and corresponding sides which are better known as a debit and a credit side. The left-hand side is known as the debit side and the right-hand side is known as the credit side.

Introduction
00:12

Before listening to the video of Question 1 in this lecture, refer to and revise the concepts in section 1. Work through the video together with the question and answer document (attached). After you feel comfortable, do the Question 1 again (without any help) on the question-and-answer sheet document (also attached).

Question 1: The double entry accounting system:- Application
10:49

You are now at the end of Section 2. You should be able to do Question 1 without looking at the answers before going on to Section 3 of this course. When you are comfortable with the content of Section 2, you can confidently move on to Section 3 of this course.

Conclusion
00:13
+ Effects of transactions on the Accounting equation
3 lectures 14:26

By the end of this section, you will be able to understand the effect that any transaction has on the Accounting Equation together with the reasoning behind the effect. Please refer to Section 1: Lecture 2-6 to gain a more in-depth background before taking on Section 3.

Introduction
00:12

Before listening to the video of Question 2 in this lecture, refer to and revise the concepts in section 1. Work through the video together with the question and answer document (attached). After you feel comfortable, do Question 2 again (without any help) on the question-and-answer sheet document (also attached).

Question 2: Effects of transactions on the Accounting equation :- Application
14:00

You are now at the end of Section 3. You should be able to do Question 2 without looking at the answers before going on to Section 4 of this course. When you are comfortable with the content of Section 3, you can confidently move on to Section 4 of this course.

Conclusion
00:14
+ Posting of General ledger T-accounts
11 lectures 46:12

By the end of Section 4, you will be able to post entries from the different Journals to the General Ledger T-accounts.

Introduction
00:15

How do you know on which side to put the opening balance of a T-account in the General ledger? The video explains the rationale behind debiting or crediting opening balances.

Opening balances in General Ledger T-accounts
01:39

Trading stock is an Asset account. In this lecture, I will be giving an overview of what takes place in the Trading Stock T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Preview 12:01

Debtors control/ Trade receivables is an Asset account. In this lecture, I will be giving an overview of what takes place in the Debtors Control T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Question 3: Debtors control/ Trade Receivables (General Ledger T-accounts)
05:49

Creditors Control/ Trade Payables is a Liability account. In this lecture, I will be giving an overview of what takes place in the Creditors Control T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Preview 03:57

Bank is an Asset account. In this lecture, I will be giving an overview of what takes place in the Bank T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Question 3: Bank (General Ledger T-accounts)
03:10

Sales is an Owners Equity account. In this lecture, I will be giving an overview of what takes place in the Sales T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Question 3: Sales (General Ledger T-accounts)
03:42

Cost of Sales is an Owners Equity account. In this lecture, I will be giving an overview of what takes place in the Cost of Sales T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Question 3: Cost of sales (General Ledger T-accounts)
06:04

Packing Material/ Packaging Material is an Owners Equity account. In this lecture, I will be giving an overview of what takes place in the Packing Material T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Question 3: Packing material (General Ledger T-accounts)
04:58

Petty Cash is an Asset account. In this lecture, I will be giving an overview of what takes place in the Petty Cash T-account. Then I will tackle the T-account line by line and show you where you get the necessary information in the Journals that are posted to this T-account.

Question 3: Petty Cash (General Ledger T-accounts)
04:24

You are now at the end of Section 4. You should be able to do Question 3 without looking at the answers before going on to Section 5 of this course. When you are comfortable with the content of Section 4, you can confidently move on to Section 5 of this course.

Conclusion
00:13
+ Matching Source documents and Journals to transactions
4 lectures 05:34

By the end of this section, you will know which transaction will be posted to which journal and which source document matches with which transaction and Journal.

Introduction
00:13

In this lecture, we will be matching transactions with different Journals. Watch the video of Question 4.1 and then see if you are able to match the transactions with the journals yourself.

Question 4.1. Matching Journals to transactions
01:57

In this lecture, we will be matching transactions with different Source documents. Watch the video of Question 4.2 and then see if you are able to match the transactions with the Source documents yourself.

Question 4.2. Matching Source documents to transactions
03:14

Congratulations! You have now finished all the different sections successfully! I also added the question paper and answer book that we dealt with during this course for future revision. But take a break for now and enjoy your accomplishment! Till we meet again in a future course!

Conclusion
00:10