Financial Accounting For Beginners

Learn the basics of financial accounting, journal entries, and financial statements to advance your career or business!
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157 students enrolled
Instructed by Andrew Li Business / Finance
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  • Lectures 22
  • Length 1.5 hours
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 9/2016 English

Course Description

Accounting is the MOST IMPORTANT skill for those pursuing a business career.  It provides useful information and helps users understand businesses and analyze metrics to make informed decisions.

Warren Buffett, the greatest investor of all time (net worth of $65 BILLION), states that accounting is the language of business:

“You have to understand accounting and you have to understand the nuances of accounting. It’s the language of business and it’s an imperfect language, but unless you are willing to put in the effort to learn accounting – how to read and interpret financial statements – you really shouldn’t select stocks yourself”

If you want to become a successful financial analyst, accountant/auditor, CFO/CEO/C-Level executive, investment banker, private equity analyst, hedge fund analyst, equity research analyst, investor, or entrepreneur…then accounting will help you advance your ambitions!

Accounting is the cornerstone of many $100,000+ jobs! Don’t miss out on those opportunities by ignoring basic financial accounting! Impress prospective employers on your job interviews!  If you are starting a business, then you need to know your numbers—otherwise you’re toast!

This course will teach you the basics of accounting so you can make a difference in your career and/or business!

What makes this the best accounting course?

  • Knowledgeable Instructor:  I earned my B.S. in accounting and finance and work as an equity research analyst. I am well versed in US GAAP and perform advanced financial statement analysis on a daily basis. I know accounting like the back of my hand!


  • No Fluff:  A good chunk of the concepts you learn in school are not utilized on the job. Everything I discuss will be 100% applicable in the real world!


  • Excellent support: If you don’t understand a concept or have additional questions, drop a line and I’ll answer it ASAP!

What are the requirements?

  • No prior knowledge of accounting is assumed or required.
  • You will need a notebook and a pen/pencil.

What am I going to get from this course?

  • Understand the basic concepts of US Generally Accepted Accounting Principles (GAAP).
  • Learn the famed accounting equation.
  • Learn about double-entry bookkeeping and the concept of debits and credits.
  • Learn how to record journal entries.
  • Understand the basics of the Balance Sheet, the Income Statement, and the Statement of Cash Flows.
  • Learn basic financial statement analysis.

Who is the target audience?

  • Aspiring bookkeepers, accountants/auditors, business/financial analysts, investment bankers, equity research analysts, hedge fund analysts, and private equity analysts.
  • Business owners and entrepreneurs who want to elevate their skills and better understand their business.
  • Accounting students.
  • Anyone interested in learning more about accounting and financial statements.
  • Anyone interested in becoming more successful in the world of business and finance.

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction to Financial Accounting
02:18

Welcome to the course! We will start with a brief introduction before jumping into the content. By the end of the course you will learn the key principles of U.S. Generally Accepted Accounting Principles (GAAP), the accounting equation, the concept of debits and credits, how to record and post journal entries, the mechanics of the financial statements, and perform basic financial statement analysis!

Section 2: Cash vs. Accrual Accounting
04:22

Is cash flow the same thing as accounting income? Let's find out! We will learn about the difference between accrual accounting under U.S. Generally Accepted Accounting Principles and how it differs from cash flow! 


1 question

Quiz on Cash vs. Accrual Accounting

Section 3: Key GAAP Principles
05:22

How do we recognize revenue and expenses under accrual accounting? We will learn about two key accounting principles: the realization principle and the matching principle. 

1 question

Accounting Principles Quiz

Section 4: The Accounting Equation
02:39

The equation that underpins the whole accounting process! We will learn about the mechanics of the famed accounting equation. This is the E=mc2 of the business world!

05:06

How well do you know the accounting equation? Let's go through some examples to test our knowledge! Remember, assets must equal liabilities + equity!

2 questions

Accounting Equation Quiz

Section 5: Double Entry Bookkeeping
03:58

How do accountants keep track of transactions? Learn about the double-entry system of accounting! We will go over the concept of the general ledger and the dual system of debits and credits! Can you balance a check book? Well this lecture is for you!

04:06

Learn about the journal entry process and how to record transactions! We will also go through a number of examples to test your knowledge of the accounting equation and debits and credits. 

03:35

In part 2 of this series, we will continue on with more journal entry examples!

2 questions

Journal Entries Quiz

05:05

Learn how to record adjusting transactions at the end of the period. We will discuss prepayments and unearned revenue first. Be prepared to go through more journal entries!

03:48

Learn how accountants record accruals and estimates! Be prepared to go through a series of journal entry examples to test your knowledge!

1 question

Quiz on adjusting journal entries

Section 6: Financial Statements: The Final Product!
02:10

What are financial statements? Why do we need them? Why are they important? Learn about the key financial statements a business must produce for users! We'll cover the balance sheet, the income statement, and the statement of cash flows. 

05:33

Remember our accounting equation? It comes back in this financial statement! Learn how the balance sheet is constructed. We will also take a look at Apple's balance sheet. 

05:15

How do you know a company's revenue or profits? The income statement will tell you! Learn how the income statement is constructed. We'll also take a look at Apple's income statement. 

06:17

Cash flow! Cash flow! Cash flow! Learn how the statement of cash flows is constructed! Learn about the three sections of the cash flow statement. We'll begin by discussing net cash from operations.

04:44

We'll go through an excel case study on how to construct net cash from operations under the indirect method.

02:42

Learn about the final two sections of the statement of cash flows. We'll discuss what items are included in cash from investing activities and cash from financing activities. Finally, we'll discuss the importance of the statement of cash flows!

2 questions

Quiz on the 

08:41

We will talk through a series of journal entries and construct an income statement, balance sheet, and statement of cash flows together! This is part 1 of the series.

09:02

We will talk through a series of journal entries and construct an income statement, balance sheet, and statement of cash flows together! This is part 2 of the series.

Section 7: Financial Statement Analysis
05:09

How do you analyze the profitability of a business? Learn about margin analysis! We will also be analyzing Apple's margin profile to assess its profitability!

03:02

It's all about the returns! Learn how to analyze a company through return on its assets and return on equity. After that, we'll go through Apple's financials and see how well it is generating returns!

05:12

Are we managing our inventory and accounts receivable efficiently? Learn how to analyze inventory and accounts receivable turnover. Then we'll dig deeper and understand how long it takes a business to sell inventory (also known as DSI) or collect on outstanding receivables (also known as DSO). Finally, we'll take a look at Apple to see if they are efficient in working capital analysis!

02:08

Thank you for taking this course! I sincerely hope you have a better understanding of the accounting process and why it is important!

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Instructor Biography

Andrew Li, Equity Research Analyst

Hi, my name is Andrew. I received my b.s. in accounting and finance magna cum laude. I currently work as an equity research analyst performing financial statement analysis for some of the world's most well-known hedge funds. Financial statement analysis is one of my passions and I'm lucky to do it on a daily basis. My goal is to teach others about the wonderful world of accounting and finance so they can achieve their business goals. 

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