Udemy
    •  
    •  
    •  
    •  
    •  
    •  
    •  
    •  
Turn what you know into an opportunity and reach millions around the world.
Learn More
Your cart is empty.
Keep shopping
Master Accounting Now
Rating: 4.0 out of 5(16 ratings)
960 students

Master Accounting Now

Master Double Entry Accounting: Practical Steps with Real Life Scenarios
Created byElisha Schwab, CPA
Last updated 7/2024
English
English [Auto],

What you'll learn

  • Master accounting fundamentals
  • Pass their accounting class
  • Gain confidence in working through accounting simulations
  • Focus and study tips

Course content

1 section • 7 lectures • 40m total length

  • Introduction4:11

    Apply transformative learning by starting with a relatable real-life scenario to spark understanding and relevance. Use bite-sized, intentional repetition to deepen comprehension of accounting basics like debits and credits.

  • Credits and Debits 14:06

    Apply the accounting equation: assets equal liabilities plus equity. Learn how debits and credits create increases and decreases on the left and right, with assets, expenses, and revenue as examples.

  • Credits and Debits 23:33

    Explore basic double-entry bookkeeping through practical scenarios: recording sales, receivables, cash, equipment purchases, and owner investment to show how debits and credits balance assets with liabilities and equity.

  • Why Accounting Is Boring4:06

    Discover a practical, real-world approach to accounting that fits diverse learning styles, improves focus and memory, and provides a customized roadmap with live guidance to ace your studies.

  • The Secret To Passing Your Boring Accounting Class4:08

    master accounting now by turning boring classes into practical, real-world application; learn with a three-prong method—relevance, comprehension, and retention—through simple, fun action steps and live guidance.

  • Accounting Hacks and The ADD Learner4:26

    Engage with accounting through cockpit-style, bite-size lessons plus practice mini-action steps that reinforce fundamentals and boost focus, making accounting practical, relevant, and memorable.

  • Financial Simulation Income Statement16:08

    Engage in a realistic financial simulation to build an income statement, classify items into continuing and discontinued operations, apply depreciation and taxes, and incorporate unrealized gains and other comprehensive income.

Requirements

  • Anyone who wants to learn accounting

Description

Unlock the fundamentals of double entry accounting and the accounting equation through engaging and practical exercises tailored to a coffee shop business. This course is designed to transform theoretical knowledge into practical skills, making accounting concepts easy to understand and apply.

Course Highlights:

  1. Identify Journal Entries for Classic Transactions: Learn to record the correct journal entries for four classic business transactions in a coffee shop setting. By working through real-world examples, you'll internalize the process, ensuring rapid recall and application.

  2. Visualize Journal Entries: Walk through each journal entry like a story. Understand the impact of each transaction on your accounts by visualizing the journey from the initial expense to the final entry. You'll feel, see, and know the entire process.

  3. Practical Scenarios:

    • Recording an Expense: Discover how to record the purchase of inventory, such as coffee beans, and understand the impact on your financial statements.

    • Earning Income: Learn the correct entry for sales transactions and see how selling a cup of coffee affects your accounts.

    • Purchasing Equipment: Understand the entries for buying equipment, like a new coffee machine, and its implications on your business.

    • Investing in the Company: Record investments made from personal savings and see how it boosts your business's cash flow.

  4. Quick Multiple Choice: Test your understanding of key concepts with quick, multiple-choice questions. Identify the accounts affected by various transactions and their impact on equity and assets.

  5. Match the Transactions Activity: Match descriptions of financial transactions with the correct journal entries. Reinforce your learning by actively engaging with the material.

  6. True or False: Solidify your knowledge by determining the accuracy of statements related to expenses, income, liabilities, and investments.

By the end of this course, you'll have a solid grasp of double entry accounting and the accounting equation, equipped with practical skills to manage financial transactions confidently. Join us and turn accounting theory into practical, everyday business applications!

Who this course is for:

  • Accounting student who is struggling with comprehending the fundamentals

Report abuse