Financial Accounting Primer
4.1 (5 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,001 students enrolled

Financial Accounting Primer

Free Yourself From the Fear of Accounting
4.1 (5 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,001 students enrolled
Last updated 8/2019
English
English [Auto]
Current price: $11.99 Original price: $19.99 Discount: 40% off
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This course includes
  • 42 mins on-demand video
  • 1 article
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • A preparatory course for students about to begin any accounting course.
  • An overview of the accounting profession.
  • Basic accounting terms and concepts.
  • How to use debits in credits in a journal entry.
  • Reduce fear of accounting!
Requirements
  • None
Description

Accounting can be an intimidating course. Accounting students look forward with anticipation but also hesitance. Non accounting majors that are forced to take accounting look at accounting with dread. This course is designed to make accounting a more friendly course by getting you ready. A big fear of the unknown will now be known.

Fear: Unknown

Fear: Loss of control

Fear: Humiliation

Fear: Left behind or lost

Fear: Failure

Who will benefit from this course?

Are you about to take financial accounting? Would you like to better understand financial accounting? Are you a student, businessperson or manager that does not have a background in accounting but may need to deal with the accounting department? Then this course would benefit you!


What you will learn

We will learn what accounting really is and what it is not. We will see the truth behind the ‘math’ misunderstanding of accounting. You will get a primer in accounting by understanding what accounting reports. You will get an introduction into basic accounting equation. You will be introduced to debits and credits. You will even learn to use journal entries. I will show you some examples using Excel.


Lesson Descriptions

· Introduction to the course: You will get an overview of this course and what to expect. You will see how this course will help pre-accounting students gain an understanding of accounting. Knowing what accounting is about will take away that fear. Managers that deal with accounting may be at a disadvantage if they do not know what the accounting department does.

· Common student fears introduced: The biggest fears students have in accounting are discussed in this lesson. One fear is that of math. Math can be intimidating or even scary. Math students often fear math because of the use of formulas. Students in math see the questions as right or wrong with no interpretation. Students also fear accounting for its use of rules. Accounting is seen as a profession of rules.  Students believe not knowing the rules can lead to failure. Students often fear the use of debits and credits in problems.  After this course you will understand that none of the common misconceptions about accounting, math, debits and credits, or rules is true. 

· Perception vs reality: What is an accountant’s life like? We perceive accounting and accountants a certain way. In this lesson we’ll discuss that perception. We’ll then discuss the reality of the profession. What do accountants really do? What is their career like?

· Basic accounting terms: Key terms include transaction and account. These terms are used throughout business. The reason for confusion is that there are multiple definitions for these terms in business depending on your role.

· Accounting Reports: What are the reports provided by accountants? You’ll learn the major two accounting reports that are taught in school. You’ll see what kind of information is provided in these reports.

· Who?: In this lesson you will get to see who uses the accounting reports. You’ll find out why accounting reports are so useful and why there is such a need for accountants.

· Math: You will get the truth about math as it is used in financial accounting. There are numbers in accounting but what accountants really do is communicate. The numbers are part of that transfer of information to the user. The ‘math’ accountants use is really just adding, subtracting, multiplying and dividing. The accounting problems take no special math skills, but those accounting problems may be a challenge. So how should you approach accounting problems when you take the course?

· Accounting Equation: All of financial accounting can be boiled down to one formula: Assets = Liabilities + stockholders’ equity. You will understand this formula as a fundamental or foundation of information you will need for the course.

· Debits and Credits Oh My!: You will know, by the end of the lesson, what a debit and credit is and what they are not. You will understand how these are merely tools for increasing or decreasing accounts.

· Journal Entry: Learn how to do a journal entry. Get some examples from real world transactions. You will follow the journal entries as they are completed using Excel.

Course Prerequisites:

No prerequisite: You will learn the very basics of financial accounting!

Who this course is for:
  • Beginning level accounting students.
  • Business people who want a better understanding of the accounting function.
Course content
Expand all 11 lectures 42:31
+ Overview of accounting profession
3 lectures 11:54

The biggest fears students have in accounting are discussed in this lesson. One fear is that of math. Math can be intimidating or even scary. Math students often fear math because of the use of formulas. Students in math see the questions as right or wrong with no interpretation. Students also fear accounting for its use of rules. Accounting is seen as a profession of rules and not knowing the rules can lead to failure. Students often fear the use of debits and credits in problems.

Preview 03:02

Perception vs reality: what is an accountant’s life like? We perceive accounting and accountants a certain way. In this lesson we’ll discuss what that perception. We’ll then discuss the reality of the profession. What do accountants really do? What is their career like?

Preview 03:25

In this lesson you will get to see who uses the accounting reports. You’ll find out why accounting reports are so useful and why there is such a need for accountants.  Understanding who uses the financial reports will help you understand the function of accounting and it's place in the world.

Preview 05:27
+ Accounting Basics
5 lectures 25:56

Basic accounting terms: Key terms necessary in accounting include transaction and account. These terms are used throughout business. Students that understand the accounting definition and usage of these terms will have a head-start on other students.   These concepts are the very foundation from which all of financial accounting is built.

Key Accounting Definitions
06:51

All of financial accounting can be boiled down to one formula: Assets = Liabilities + stockholders’ equity. You will understand this formula as a fundamental or foundation of information you will need for the course.  

Students are introduced to the balance sheet and the relationship with the accounting equation is explained.  Students learn key terms such as assets, liabilities, and equity.

The Balance Sheet
04:31

The income statement is a key report used in business to determine profitability of a business.  This lesson will cover revenue and expenses and how these come together in reporting net income for a business.

The Income Statement: Profitability
04:22
Debits and Credits: Never Fear!
04:56

Learn how to do a journal entry. Get some examples from real world transactions. You will follow the journal entries as they are completed using Excel.

How to complete a Journal Entry
05:16
+ Conclusion
2 lectures 02:54

Congratulations!  You made it!  I appreciate your time and effort to complete the course! 

Please help me help you by providing a review for this course.  Thank you!

Conclusion!
02:34
Bonus Section
00:20