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?
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!
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!
Quiz on Cash vs. Accrual Accounting
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!
How well do you know the accounting equation? Let's go through some examples to test our knowledge! Remember, assets must equal liabilities + equity!
Accounting Equation Quiz
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!
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.
In part 2 of this series, we will continue on with more journal entry examples!
Journal Entries Quiz
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!
Learn how accountants record accruals and estimates! Be prepared to go through a series of journal entry examples to test your knowledge!
Quiz on adjusting journal entries
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.
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.
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.
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.
We'll go through an excel case study on how to construct net cash from operations under the indirect method.
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!
Quiz on the
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.
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.
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!
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!
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!
Thank you for taking this course! I sincerely hope you have a better understanding of the accounting process and why it is important!
Hi, my name is Andrew. I received my b.s. in accounting and finance. 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.