
Analyze how business events affect the accounting equation through transactions like inventory purchases with cash, debt payments, and loans, showing changes in assets and liabilities recorded in money terms.
Compare cash and accrual accounting, showing how accrual recognizes revenues and expenses when incurred, with credit purchases and sales reflected in accounts payable and accounts receivable.
A business makes a cash sale of six thousand dollars, increasing cash and sales revenue, while cost of goods sold increases by three thousand and inventory decreases by three thousand.
Compare trade discounts and cash discounts, showing how trade discounts reduce the purchase price at sale and do not appear in the invoice, while cash discounts reward early payment.
Record purchases at gross amount with inventory and accounts payable; pay within 14 days to capture the discount, reducing expenses via the discount received contra account and affecting bank.
Learn to record journal entries for three transactions: inventory on credit, wages payable and cash changes, and cash received in advance for one year of insurance with unearned revenues.
Compare utility providers for the lowest rates, use appliances efficiently, hang dry, and switch to energy-efficient bulbs; adopt a heat pump and repair leaks to cut water and energy costs.
Apply supply and demand to clothing purchases, shop off-season for lower prices, sell unused items for extra money, borrow outfits for occasions, and distinguish needs from wants.
Create an emergency fund to cover unexpected bills or job loss, aiming for three to six months of expenses plus $1000 per child per month, with regular deposits.
discover how health savings accounts build tax-free savings for medical expenses, with ownership by you, eligibility with a high deductible plan, and employer or personal contributions.
This course is an interesting combination of business accounting basics (bookkeeping) and personal accounting basics (personal finance). It is something like a course that consists of two sub-courses. This way you are able to improve your skills in two fields - business language and personal finance. Keep reading to understand what you are going to learn in both subcourses.
The first sub-course is your first big step to your business accounting journey. It is designed for all people who want to speak the business language.
With easy-to-follow animations and explanations, the course will help you to gain the gold skills that you need to do a good bookkeeping job.
In case you have already some bookkeeping knowledge, the course can be used for refreshing your bookkeeping and accountancy expertise.
You will be surprised by how beneficial this course is and how many things you will learn. The secret to the success of the course is that it consists of different learning resources: videos with theory and examples, quizzes, and exercises with explanations.
Using all these learning forms you’ll become familiar with the main accounting terms and rules of recording the most common business transactions.
The second sub-course relates to Personal accounting (personal finance). Personal finance plays a significant role in the process of building financial freedom. Having the necessary personal finance literacy will help you to eliminate any financial uncertainty and build your bright financial future.
Some people struggle with understanding personal finance essentials because of a wide variety of terms. Therefore, I designed this simple and easy-to-follow course devoted to personal finance.
The first part of the sub-course explains essential terms related to personal finance. They are necessary to build your basic financial literacy and manage your money the right way.
The second part is more interesting. It gives suggestions on how you could increase your income and decrease your expense.
After the essential and interesting part comes the practical part. The third part shows you free budgeting software that you could use to plan your finance and achieve your financial goals.
At the end of the sub-course, you will be confident in the field of personal finance and you will be able to use real budgeting software.
So do not hesitate - gain gold skills in the field of bookkeeping and personal accounting (personal finance).