
Master the eight-step accounting cycle by recording transactions, posting to the general ledger, applying year-end adjustments, and preparing financial statements before closing the books for a new year.
Analyze each transaction's impact on assets, liabilities, and equity, record via double-entry journals, post to ledgers, prepare adjusted trial balances, and close the books to financial statements.
Explore the cash flow statement, detailing cash inflows and outflows and the three activities: operating, investing, and financing, with direct and indirect methods using depreciation, amortization, and working capital changes.
Explore accounting for accounts receivable and bad debts, and apply percentage of sales, aging of receivables, and historical methods to estimate uncollectibles and protect cash flow.
Apply the percentage of completion method to long term contracts, recognizing revenue based on contract value and costs over the project life to match revenue with incurred costs.
Engage in a practical company case study to build a chart of accounts and prepare a 2025 financial statement using asset, liability, equity, revenue, direct costs, and indirect costs.
Record a cash purchase of 500 hiking boots at $50 each, updating inventory and cash to $25,000 and compute weighted average cost of $50 per unit in inventory tracking sheets.
Record a purchase of hiking boots, updating inventory by 400 units at 55 and cash and cash equivalents; stock reaches 5,000 units, value 54,250, with a 55 weighted average cost.
Record sales on credit by updating accounts receivable and revenue, calculate cost of goods sold from inventory tracking, and reflect gross margin and net income through journal entries.
In this comprehensive course, you'll gain a strong foundation in financial accounting and bookkeeping, starting from the basics and advancing to more complex concepts. Whether you're a beginner or seeking to refresh your skills, this course offers an accessible, step-by-step approach to mastering key accounting principles.
You will begin by learning essential accounting concepts, such as the accounting equation, double-entry system, and the preparation of fundamental financial statements, including the income statement, balance sheet, and cash flow statement. As you progress, you'll develop practical skills in recording journal entries, posting to ledgers, and preparing trial balances.
One of the key highlights of this course is the integration of Excel. You’ll learn how to leverage Excel for accounting tasks, from recording financial data to automating calculations and generating financial reports. You'll also explore advanced topics such as depreciation, including methods like straight-line and declining balance, and learn how to properly record and account for asset depreciation.
Throughout the course, you'll work with real-world examples and practical case studies, giving you the opportunity to apply what you've learned to real business scenarios. By the end of the course, you'll be confident in your ability to manage and analyze financial data, use Excel for accounting tasks, and prepare accurate financial statements.
This course is designed to equip you with the knowledge and tools you need to succeed in accounting, whether for professional growth, personal financial management, or even starting your own business.