Financial Accounting-Debits & Credits-Accounting Transaction
What you'll learn
- Articulate Accounting's Role: Define the impact of accounting in business decisions and financial management.
- Assess Accounting Ethics: Evaluate ethical principles and professional standards in accounting.
- Utilize Accounting Equation: Apply the accounting equation in various financial scenarios.
- Critique Financial Statements: Analyze balance sheets, income statements, and cash flow statements.
- Contrast Accounting Methods: Differentiate between accrual and cash methods of accounting.
- Exhibit Revenue Recognition: Demonstrate understanding of revenue recognition principles.
- Illustrate Expense Recognition: Show proficiency in principles of expense recognition.
- Record Financial Transactions: Accurately record diverse financial transactions.
- Apply Debits and Credits: Use debits and credits in a range of account types.
- Manage Cash Transactions: Record cash transactions, showcasing their impact.
- Organize Receivable/Payable Transactions: Manage accounts receivable and payable effectively.
- Demonstrate Ledger Operations: Illustrate the role of general ledger in consolidating financial data.
- Solve Accounting Problems: Evaluate and solve complex accounting problems.
- Basic Mathematics Skills: An understanding of basic mathematics, including addition, subtraction, multiplication, and division, is essential. Algebraic proficiency can also be useful as it could aid in understanding some accounting equations and concepts.
- Basic Computer Skills: As this course is offered online, basic computer skills are necessary. Students should be comfortable with navigating online platforms, downloading and uploading documents, and using software like spreadsheets.
- Motivation and Dedication: While not a formal prerequisite, the willingness to engage with the material, participate in discussions, complete assignments, and the desire to learn are all essential to succeeding in this course.
Embark on a comprehensive journey into the vibrant world of accounting with our meticulously designed course. This course is uniquely tailored to give you an extensive understanding of the fundamental concepts of accounting, creating a solid foundation on which your advanced understanding can flourish.
Throughout this course, you'll journey through the significant role of accounting in decision-making and financial management, revealing how reliable and crucial information is provided to a myriad of stakeholders. In addition, you will delve into the ethical principles and professional standards that guide the accounting profession, painting a picture of the moral compass every accountant needs to adhere to.
Our exploration takes us further into the heart of the accounting equation, a fundamental concept where you'll learn about its components - assets, liabilities, and equity - and how they interrelate. The journey continues through the terrain of financial statements, diving deep into balance sheets, income statements, and cash flow statements, and discovering how they offer vital insights into an organization's financial health.
We also tackle the major methods of accounting - accrual and cash. By understanding when revenue and expenses are recognized under each method, you'll learn to appreciate the advantages and limitations of each approach. Following this, we'll examine the principles of revenue and expense recognition, emphasizing the importance of accurately associating revenue with the expenses incurred in generating it.
You'll also learn the art of recording transactions, understand the impact of these transactions on the accounting equation, and familiarize yourself with the principles of dual-entry bookkeeping. Moreover, the course demystifies the concepts of debits and credits, leading you to understand their effects on various types of accounts.
We'll then delve into specific procedures for recording cash transactions and understand how they impact the accounting equation. This will be followed by mastering the processes of recording transactions related to accounts receivable and payable, and comprehending the importance of the general ledger in consolidating and summarizing financial information.
The course culminates in the application of the knowledge and skills you've acquired, allowing you to solve a comprehensive accounting problem. This includes analyzing transactions, preparing journal entries, posting to the general ledger, and preparing financial statements.
Whether you're an aspiring accounting student, a professional seeking to augment your financial prowess, or an entrepreneur aiming to enhance your financial management capabilities, this course promises to lay the solid groundwork you need to excel in the ever-evolving field of accounting. Embark on this transformative journey today, and unlock a world of opportunities in accounting like never before!
Who this course is for:
- Aspiring Accountants: Individuals who wish to pursue a career in accounting or finance, and need to establish a strong foundation in accounting principles and methods.
- Business Professionals: Individuals already working in a business setting, particularly those in managerial positions, who need to comprehend accounting practices to make informed business decisions.
- Entrepreneurs and Business Owners: Those who are running their own businesses and need to understand how to manage their finances, analyze financial statements, and comply with financial regulations.
- Students: College or university students who are studying business, finance, or a related field and wish to deepen their understanding of accounting.
- Lifelong Learners: Those who have an interest in accounting or finance and wish to expand their knowledge for personal or professional development.
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.