Financial Accounting: A Comprehensive Guide with E-book
What you'll learn
- Grasp the basics of financial accounting and understand its objectives and significance in business.
- Demonstrate proficiency in using the double-entry accounting system and interpreting the accounting equation.
- Record business transactions using debits and credits, including period-end adjusting entries.
- Understand and apply the rules for closing entries at the end of an accounting period.
- Handle transactions related to the purchase and sale of inventory, including applying inventory cost flow assumptions such as FIFO, LIFO, and weighted average m
- Master the use of subsidiary ledgers and special journals, specifically for accounts receivable and accounts payable
- Conduct bank reconciliations and apply best practices for cash internal controls.
- Accurately estimate and record allowance for doubtful accounts using both allowance method and direct write-off methods.
- Understand, calculate, and record depreciation for property, plant, and equipment using various methods, including straight-line, double-declining balance, and
- Handle transactions related to the purchase and sale of property, plant, and equipment.
- Understand and execute the payroll accounting process, including the calculation of payroll taxes and recording complex payroll journal entries.
- Grasp the unique accounting considerations and transactions for partnerships, including income allocation, admission and withdrawal of a partner, and partnershi
- Handle transactions unique to a corporate form of entity, including issuance and repurchase of shares, and dividend distributions.
- Understand the concept of bonds payable and notes payable, including their issuance, discount/premium amortization, and interest payment.
- Prepare a comprehensive statement of cash flows using both direct and indirect methods, and understand its importance in financial analysis.
- Use Excel to perform various accounting tasks, including creation of amortization schedules and financial statement preparation.
- Understand how to update and adjust accounting records to reflect changes in the business environment.
- Grasp the importance of theory in making appropriate accounting adjustments and decisions.
- Learn how to compare and contrast different accounting procedures and choose the most suitable for a given business scenario.
- Understand and apply the time-value of money concept in the context of bond and note transactions.
- Determine current and long-term portions of notes payable using amortization schedules.
- Learn how to adapt accounting procedures and policies to ever-changing business and regulatory environments.
- Familiarity with basic mathematical operations: As the course involves performing calculations for different financial processes, basic mathematical skills are necessary.
- Willingness to learn and engage with complex concepts: Financial accounting can be detailed and requires careful study. Being prepared to engage with the content actively will help ensure successful learning outcomes.
Get ready for a deep dive into Financial Accounting, a critical skill for any aspiring accountant, business owner, or student. This comprehensive course offers you lifetime access to many sections of engaging video content, a multitude of real-world examples, practice problems, and an extensive, downloadable e-book in EPUB, MOBI, and PDF formats.
From the fundamentals of the double-entry accounting system to the complexities of long-term liabilities and cash flow statements, this course covers a breadth of topics equivalent to an undergraduate Financial Accounting program. The course supplements academic study by providing an online resource you can refer back to, ensuring the concepts stay fresh and readily accessible.
We begin with an introduction to Financial Accounting and progress steadily through various topics, including recording transactions, adjusting and closing entries, merchandising transactions, and various cost flow assumptions. Specialized sections delve into subsidiary ledgers, bank reconciliations, depreciation methods, payroll accounting, and more.
The course incorporates Excel for practical application of the theories taught. If you're unfamiliar with Excel, fear not! We provide pre-formatted worksheets and step-by-step instructional videos that move at a friendly pace.
We debunk the myths surrounding debits and credits, illustrate how to record transactions using these methods, and demonstrate the importance of period-end adjusting entries.
This course is more than just a procedural guide—it stresses the understanding of underlying theories to make learners flexible and adaptable in a constantly changing environment. You'll learn the rationale behind financial accounting processes, ensuring you can apply these skills in a variety of contexts.
Incorporating real-world scenarios, each section breaks down complex concepts into understandable chunks, followed by practical application in Excel.
Topics include, but are not limited to:
· Debits and Credits
· Period End Adjusting Entries
· Recording Closing Entries
· Inventory Transactions
· Subsidiary Ledgers & Special Journals
· Bank Reconciliations
· Accounts Receivable
· Depreciation Methods
· Payroll Accounting
· Partnership Accounting
· Corporate Accounting
· Bonds Payable, Notes Payable, & Long-Term Liabilities
· Cash Flow Statements
The course is designed to start at the basics and gradually advance to the level of detail expected in an undergraduate program. By course completion, you will have a firm grasp on Financial Accounting that not only stands the test of time but also serves as a continuously available resource in your accounting journey. Enroll now to become a confident, adaptable accounting professional.
Who this course is for:
- Accounting Students: This course serves as an excellent supplement to formal accounting education, providing a practical understanding of financial accounting concepts and their application in real-world scenarios.
- Professionals Transitioning to Accounting Roles: If you are considering a career change into an accounting field or seeking to enhance your accounting knowledge and skills, this course will provide a solid foundation.
- Small Business Owners and Entrepreneurs: Understanding financial accounting is essential for effectively managing business finances. This course will equip you with the knowledge to interpret financial statements, record transactions accurately, and make informed financial decisions.
- Finance and Business Professionals: Professionals working in finance, business, or related fields who want to expand their understanding of financial accounting principles and practices will benefit from this course.
- Self-learners and Lifelong Learners: If you have a genuine interest in learning financial accounting, whether for personal enrichment or curiosity, this course provides a comprehensive and structured learning experience.
- Bookkeepers and Accountants: Bookkeepers who want to enhance their knowledge of financial accounting principles or accountants looking to refresh their skills will find this course valuable for professional development.
- Individuals Preparing for Professional Certification Exams: If you are studying for professional accounting certifications, such as the CPA (Certified Public Accountant) exam, this course can serve as a supplementary resource to reinforce and deepen your understanding of financial accounting concepts.
- Anyone Interested in Understanding Business Finances: Financial literacy is crucial for personal and professional success. This course will demystify financial accounting, empowering individuals to make informed financial decisions in their personal and professional lives.
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.