Basic Bookkeeping Topics Within Accounting

In this lecture we will be covering the important topic of the basic and expanded accounting equation (Assets = Liabilities + Equity). This is the equation that drives the double entry method of accounting, which leads to our eventual discussion of debits and credits, normal balances, and journal entries.

In this lecture we will be covering the various steps of the accounting cycle, including transaction analysis, journal entries, posting, the various trial balances, financial statements, and closing entries.

Now that we have introduced the topics of debits and credit, we dig deeper into the normal balance rules specifically. These rules tell us which accounts require a debit to increase, and which ones require a credit to increase.

In this lecture we discuss a variety of examples of initial journal entries that a company would perform on a day to day basis. This gives us practice on how to use the debit and credit entries.

In this lecture we discuss the two different bases of accounting that are most commonly used. We will cover why the accrual basis of accounting is the one required by GAAP. This also covers how to convert from one basis to another.

In this video we cover the two main categories of adjusting entries (accrual vs. deferral) as well as the four overall types of adjusting entries. We discuss why adjusting journal entries are important, how to prepare them, and what the impact is.

In this lecture we introduce the financial statements in general, and then cover the income statement specifically.

In this lecture we cover the third financial statement; the balance sheet. This is the one statement that shows the various accounts at a point in time, rather than for a period of time. 

In this lecture we cover the fourth and final financial statement; the cash flow statement. This statement covers the various inflows and outflows of cash. This covers the three main categories, including operating activities, financing activities, and investing activities.

In this lecture we cover the topic of closing entries, which occur after the financial statements were prepared. The closing entries are used to end one period and start the next one fresh. In this lecture we learn which accounts are closed and how to do it.