Introductory Financial Accounting
4.4 (623 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.
2,610 students enrolled

Introductory Financial Accounting

Learn the basics of Accounting including: the accounting cycle, inventory, depreciation, receivables, and more!
4.4 (623 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.
2,610 students enrolled
Created by Erik Slayter
Last updated 2/2019
English
English
Price: $79.99
30-Day Money-Back Guarantee
This course includes
  • 8.5 hours on-demand video
  • 10 articles
  • 20 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Understand the basics of Financial Accounting
  • Practice using the included workbook
Requirements
  • Be ready to learn
Description

This course covers the basics of Financial Accounting:

  • The accounting cycle (transaction analysis, adjustments, closing)
  • Buying and selling inventory
  • Costing inventory
  • Internal controls and cash
  • Receivables
  • Fixed assets and depreciation
  • Financial statements: Income statement, Statement of retained earnings, Balance Sheet, and Statement of cash flows

The method of instruction is a combination of lecture and exercises we work through together.  Also included in the course is a workbook that has problems to work through (answers in the back) as a way to practice practice practice!

Take this course now and learn financial accounting basics.

Who this course is for:
  • Anybody who is interested in learning about accounting
  • University students
Course content
Expand all 42 lectures 08:25:39
+ The Accounting Equation
5 lectures 57:37

This segment covers some of the most basic concepts of Financial Accounting.  Lots of terms and definitions to get the ball rolling.

Preview 20:30

Assets = Liabilities + Equity.  This is an accountant's version of E=MC^2.  Always true and always there as a guiding light.

Preview 18:59

Financial Statements are the final result of all the hard work an accountant puts in.  This segment covers the Income Statement, Statement of Retained Earnings, and Balance Sheet.

Preview 12:01

This segment gives you an opportunity to practice putting together a set of financial statements.

Preview 06:04
The Accounting Equation Quiz
The Accounting Equation Quiz
3 questions
+ Journal Entries, Ledgers, and Trial Balance
5 lectures 01:06:44
Journal Entries, Ledgers, and Trial Balance Resources
00:03

This segment could very well be the key to the entire course. Be sure to understand what's going on here before continuing on.

The Framework of Accounting
16:33

Practice using T-Accounts as part of the transaction analysis process.

T-Accounts
21:10

Remember, the accounting cycles starts with analyzing/journalizing transactions. The next step (covered in this segment) is posting to the ledger.  The ledger helps us see what's going on with an account.

The Ledger
12:59

The next step in the accounting cycle is to create the trial balance from your account balances in the ledger.  Be sure debits = credits.

The Trial Balance
15:59

Journal Entries, Ledgers, and Trial Balances Quiz

Journal Entries, Ledgers, and Trial Balances Quiz
5 questions
+ Adjusting Journal Entries
4 lectures 01:10:26
Adjusting Journal Entries Resources
00:03

Adjusting Journal Entries (AJE) let you correct or update accounts that have changed but haven't had journal entries made yet to reflect those changes.

Introduction to Adjusting Journal Entries
13:23

Practice practice practice!  Put to use the AJE concepts from the prior segment.

Adjusting Journal Entry exercise
29:53

The Adjusted Trial Balance is prepared after you post adjusting journal entries to the ledger.  The Adjusted Trial Balance is used to create financial statements.

Adjusted Trial Balance
27:07

Adjusting Journal Entries Quiz

Adjusting Journal Entries Quiz
3 questions
+ Closing Journal Entries
3 lectures 47:12
Closing Journal Entries Resources
00:03

The Closing Process is the final phase in the accounting cycle.  The good news is that closing entries will practically take care of themselves if you learn the basics.

Introduction to the Closing Process
25:50

Pull together many of the steps in the accounting cycle with this Big Problem.

Big Problem wrapping up with Closing
21:19

Closing Journal Entries Quiz

Closing Journal Entries Quiz
3 questions
+ Buying and Selling Inventory
4 lectures 47:33
Buying and Selling Inventory Resources
00:03

In this segment we introduce merchandising companies - companies who buy and sell inventory.

Introduction to accounting for Merchandising companies
14:55

In this segment we see the specific types of transactions and related journal entries that buyers and sellers of inventory will encounter.

Accounting for Buying and Selling inventory
25:37

A look at sales tax and inventory shrinkage to wrap up inventory issues and merchandising companies.

Final words about accounting for Merchandising companies
06:58
Buying and Selling Inventory Quiz
Buying and Selling Inventory Quiz
3 questions
+ Inventory Costing
6 lectures 50:09
Inventory Costing Resources
00:03

There are three primary methods of inventory costing. A brief introduction to FIFO, LIFO, and Average Costing.

Introduction to Inventory costing
07:37

A detailed look at First-in, First-out (FIFO).

First-in First-out (FIFO)
14:18

A detailed look at Last-in, First-out (LIFO).

Last-in First-out (LIFO)
09:51

A detailed look at Weighted Average costing.

Weighted Average costing
09:35

Compare and contrast the three methods of inventory costing and some tips.

Wrap-up costing methods
08:45

Inventory Costing Quiz

Inventory Costing Quiz
3 questions
+ Internal Controls and Cash
3 lectures 26:44
Internal Controls and Cash Resources
00:03

A brief discussion about internal controls.  You could take an entire course on internal controls, so we just barely scratch the surface here. Introduction to Bank Reconciliations.

Introduction to Internal Controls and Cash
14:24

An example of one of the most important internal controls for cash - the Bank Reconciliation.

Example Bank Reconciliation
12:17

Internal Controls and Cash Quiz

Internal Controls and Cash Quiz
3 questions
+ Receivables
5 lectures 53:04
Receivables Resources
00:03
Introducing the concept of bad debts.
Introduction to Receivables
12:02
The allowance for bad debts - specifically looking at the Receivables Method
The Receivables Method for calculating the Allowance for Bad Debts
13:30
The allowance for bad debts - specifically looking at the Sales Method.
The Sales Method for calculating the Allowance for Bad Debts
12:17
Receivables wrap-up
15:12
Receivables Quiz
Receivables Quiz
5 questions
+ Property, Plant, and Equipment
4 lectures 35:41
Property, Plant, and Equipment Resources
00:03
Property, Plant, and Equipment, also known as Fixed Assets.  Introduced.
Introduction to accounting for Property, Plant, and Equipment
10:03
Calculating depreciation using the three primary methods found in the real world: straight-line, units of activity, declining balance.
Depreciation examples
18:02
How to account for the disposal of property, plant, and equipment.
Disposal of Property, Plant, and Equipment
07:33
Property, Plant, and Equipment Quiz
Property, Plant, and Equipment Quiz
3 questions
+ Statement of Cash Flows
3 lectures 50:27
Statement of Cash Flows Resources
00:03
Introduction to Statement of Cash Flows
30:00
How to setup a worksheet that will aid in the creation of a Statement of Cash Flows.
Statement of Cash Flows example
20:24

Statement of Cash Flows Quiz

Statement of Cash Flows Quiz
3 questions