Dr John's Get an "A" in your Financial Accounting 101 .
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Dr John's Get an "A" in your Financial Accounting 101 .

Expert help and advice for you in your accounting course. I will be constantly updating this course.
3.7 (29 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,083 students enrolled
Created by John Mclellan
Last updated 8/2017
English
Price: $20
30-Day Money-Back Guarantee
Includes:
  • 8.5 hours on-demand video
  • 11 Articles
  • 83 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Identify the accounting principles and the role of accounting in sustainable business organizations
  • Prepare financial statements using spreadsheets and interpret its content in order to articulate its role in the decision making process for internal and external users
  • Measure and record balance sheet and income statement elements in organizations
  • Apply analytical tools such as Ratio Analysis and critical thinking techniques to specialized business problems
  • Examine the system of internal control applicable to major financial elements
  • Be able to get an "A" in your college or University Introductory Financial Accounting course.
  • Be well prepared to take a more advanced accounting course.
  • Be able to keep accounting records for a service company and a merchandise company.
  • Know how to use excel in recording business transactions.
  • Complete two case studies where you keep the accounting records - one for a service company and one for a merchandise company. Using excel you record journal entries, summarize in the ledger, take a trial balance, do adjusting entries and present an income statement and balance sheet for each company.
View Curriculum
Requirements
  • The excel spreadsheet files will be provided.
Description

This is an introductory financial accounting course that covers all the financial accounting concepts offered in an introductory financial accounting course at university or college. We begin with an understanding of how the accountant presents the Income Statement and Balance sheet. Then we learn how to record business transactions using Debits and Credits. There are two practice sets of accounting records where you will learn how to keep the books for a service company and again fora merchandise company. The accounting records will be in an excel file that is part of material of this course. We will be continually uploading more problems with video solutions for you to practice.

Learn and Master the Financial Accounting Process.

  • Understand that accounting is the language of business.
  • Know business terminology (biz speak).
  • Understand the difference between a corporation and a single proprietorship.
  • Know the three forms of business - service company, merchandise company and a manufacturer.
  • Understand an Income Statement and how to prepare one.
  • Understand a Balance Sheet and how to prepare one.
  • Know how to analyse and record business transactions
  • Learn how to use debits and credits to record business transactions.
  • Know how to use the accounting journal and ledger,
  • Complete a set of accounting records for a service business using excel spreadsheets.
  • Complete a set of accounting records for a merchandise company using excel spreadsheets.
  • Understand LIFO and FIFO.
  • Understand how to use the accounting system for Internal Control.
  • Understand the different methods of depreciation.

This course is unique in that it contains a number of excel projects on using a set of accounting records first for a service company and then a merchandise company. There are practice midterm and final exams with marking keys that highlight where an exam marker will award you marks.

If you can get an "A" on the midterm and final exams in this course - you'll get an A from your accounting prof.

Who is the target audience?
  • College and university business students
  • Secondary school students taking a bookkeeping or accounting course in high school.
  • Entrepreneurs who want a good understanding of basic accounting.
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Curriculum For This Course
124 Lectures
08:31:23
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Module 1 -Accounting the Language of Business
1 Lecture 14:42

This lecture is an overview of accounting. The terms used by the accounting profession are the terms used by all business people hence accounting is referred to as "The Language of Business".

This lecture introduces you to the three different forms that a business can be and pros and cons of each. Also the three types of businesses are introduced. 

Preview 14:42
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Module 1 - Resources for this Module
5 Lectures 15:13

Print off the mind map in resources (in color if possible) and use for future reference.

Introduction to accounting
02:16

Print off the mind map in resources (in color if possible) and use for future reference.

Father of Accounting
02:31

There are many business terms you will learn throughout this course.

Business Terms
06:12

Print off the mind map in resources (in color if possible) and use for future reference.

Accounting Terms
01:58

Print off the mind map in resources (in color if possible) and use for future reference.

Accounting terms related to the financial statements
02:16
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Module 1 - Activities to deepen your understanding
9 Lectures 25:08

Learn the three forms of businesses by playing this game

Preview 01:00

This the accounting concepts put into games.

Game: Business Terms
00:51

Learn Accounting terms by playing this game

Preview 00:01

Download this link play the game and learn the different account classifications

Game: Learn the different business account classifications
01:43

Showme Problem #1 - Match these Phrases
03:13

Showme Problem #3 - Classifying Business Accounts
08:32

Showme Problem #2 - Accounting Classifications
03:20

Test Your Understanding - Level A (knowledge)
03:38

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Module 2 - Know how to present the Income Statement and Balance Sheet
1 Lecture 15:37

In this lecture we are introduced to the income statement and the statement of retained earnings. I would like you to think of the income statement as a report from the company on their operations for a particular period of time.

Some new terms

Profitability is the ability to generate income. Solvency is the ability to pay debts as they become due.

The financial statement that reflects a company’s profitability is the income statement.

The statement of retained earnings shows the change in retained earnings between the beginning and end of a period (e.g. a month or a year).

The balance sheet reflects a company’s solvency and financial position

Preview 15:37
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Module 2 - Resources
1 Lecture 00:00
Financial Statement power point slides
00:00
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Module 2 -activities to deepen your understanding
11 Lectures 40:29
Game: Balance Sheet Accounts
01:10

Learn the different accounts in the income statement and retained earnings statement

Game: Income Statement and the Retained Earnings Statement
00:42

Learn the different account classifications in a Classified Balance sheet

Game: The different accounts in a Classified Balance sheet
01:44

Game: Classified Balance Sheet Hotspot
00:01

On June 1, Vincent Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of operations:

Cash $ 4,600 Notes payable $12,000

Accounts receivable 4,000 Accounts payable 500

Service revenue 7,500 Supplies expense 1,000

Supplies 2,400 Maintenance and repairs expense 600

Advertising expense 400 Utilities expense 300

Equipment 26,000 Salaries and wages expense 1,400

In June, the company issued no additional stock, but paid dividends of $1,400.

Instructions

(a) Prepare an income statement and a retained earnings statement for the month of

June and a balance sheet as at June 30, 2012.

Preview 08:27

Fedexpress Delivery was started on May 1 with an investment of $45,000 cash. Following are the assets and liabilities of the company on May 31, 2012, and the revenues and expenses for the month of May, its first month of operations.

Accounts receivable $ 6,200 Notes payable $28,000

Service revenue 10,400 Salaries and wages expense 2,000

Advertising expense 800 Equipment 56,000

Accounts payable 2,400 Maintenance and repairs expense 2,900

Cash 15,800 Insurance expense 400

No additional common stock was issued in May, but a dividend of $1,700 in cash was paid.

Instructions

(a) Prepare an income statement and a retained earnings statement for the month of

May and a balance sheet at May 31,

Showme Problem #2 Fed Express
05:03

Showme Problem #3 - Simpson Classified balance Sheet
08:13

Showme Problem Problem #4 - Kellogg
00:16

Test Your Understanding - Level A (knowledge)
03:52

Test Your Understanding - Level B - Application)
03:01

Test your understanding - MC Questions
31 questions

This lecture is an example of a typical exam question on the preparation of financial statements. Download Whitton Corporation and do it as an exam question - that is present the financial statements in good form starting with the income statement. Then look at the examiner's marking key and mark yourself. Then view the showme that demonstrates the way I would mark it.






Typical Exam Question and Marking Key on financial Statements
08:00
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Module 3 - Know how to Analyze a Business Transaction
1 Lecture 14:33
Understand business transactions and how to record the effect of each transaction on the balance sheet equation
Lecture 1 - Understanding Business Transactions and how to record them
14:33
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Module 3 - Resources
1 Lecture 00:00
Understanding business transactions
00:00
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Module 3 - Activities to deepen your understanding
4 Lectures 21:00
Showme Problem #1 - Omera Travel
05:12

Showme Problem #2 - Jarvis Consulting
14:30

Test Your Understanding - Level A (Knowledge)
00:40

Test Your Understanding -Level B (Applications)
00:38
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Module 4 - Know how to use Debits and Credits in accounting
1 Lecture 09:05

In section 2 I illustrated the income statement, statement of retained earnings and balance sheet. These statements are the end products of the financial accounting process.

The raw data of accounting are the business transactions.

You learned how to record transactions as increases or decreases in the assets, liabilities, and stockholders' equity items of the accounting equation. This procedure showed you how various transactions affected the accounting equation.

An account is a part of the accounting system used to classify and summarize the increases, decreases, and balances of each asset, liability, stockholders' equity item, dividend, revenue, and expense.

To illustrate recording the increases and decreases in an account, texts use the T-account, which looks like a capital letter T. The name of the account, such as Cash, appears across the top of the T. We record increases on one side of the vertical line of the T and decreases on the other side.

Lecture - Introducing Debits and Credits
09:05
26 More Sections
About the Instructor
John Mclellan
4.5 Average rating
152 Reviews
4,980 Students
16 Courses
Accounting Professor

I am a Professor of Accounting with over thirty-five years experience teaching accounting to college students, undergraduate and MBA university students as well as CMA candidates seeking to earn their Professional Certified Management Accountant Designation.

I achieved my Certified Management Accountant Designation 40 years ago. With that I then earned my Masters of Business Administration degree and later a PHD in accounting.

I have developed and will continue to develop a number of courses in both Financial Accounting and Management Accounting for you - a college or university student (or even a secondary student) to help you to achieve the best result in your undergraduate accounting course. If you get an "A" from me I guarantee you will get an "A" from your accounting prof.

For Graduate students, I have a course to prepare those of you who do not have a business degree for the Masters of Business Administration. Also I have a course at the masters level called Managerial Accounting.

For CMA Candidates, I have courses to prepare you to successfully pass their Certified Management Accounting Exams offered by Institute of Management Accountants.


Dr. John