Introductory Financial Accounting
4.1 (268 ratings)
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Introductory Financial Accounting

Learn the basics of Accounting including: the accounting cycle, inventory, depreciation, receivables, and more!
4.1 (268 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.
1,798 students enrolled
Created by Erik Slayter
Last updated 12/2015
English
English
Price: $80
30-Day Money-Back Guarantee
Includes:
  • 10 hours on-demand video
  • 20 Articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand the basics of Financial Accounting
  • Practice using the included workbook
View Curriculum
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 is the target audience?
  • Anybody who is interested in learning about accounting
  • University students
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Curriculum For This Course
54 Lectures
09:58:10
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The Accounting Equation
6 Lectures 01:03:11

This segment covers some of the most basic concepts of Financial Accounting.  Lots of terms and definitions to get the ball rolling.
Preview 24:25

Assets = Liabilities + Equity.  This is an accountant's version of E=MC^2.  Always true and always there as a guiding light.
Preview 17:48

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 07:43

This segment gives you an opportunity to practice putting together a set of financial statements.
Preview 13:05

The Accounting Equation Practice Workbook
00:05

The Accounting Equation Quiz
The Accounting Equation Quiz
3 questions
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Journal Entries, Ledgers, and Trial Balances
6 Lectures 01:16:19
Journal Entries, Ledgers, and Trial Balances Notes Template
00:05

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
16:21

Practice using T-Accounts as part of the transaction analysis process.
T-Accounts
14:04

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
26:06

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
19:37

Journal Entries, Ledgers, and Trial Balances Practice Workbook
00:06

Journal Entries, Ledgers, and Trial Balances Quiz

Journal Entries, Ledgers, and Trial Balances Quiz
5 questions
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Adjusting Journal Entries
5 Lectures 01:22:50
Adjusting Journal Entries Notes Template
00:04

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
16:20

Practice practice practice!  Put to use the AJE concepts from the prior segment.
Adjusting Journal Entry exercise
45:32

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
20:48

Adjusting Journal Entries Practice Workbook
00:05

Adjusting Journal Entries Quiz

Adjusting Journal Entries Quiz
3 questions
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Closing Journal Entries
4 Lectures 53:34
Closing Journal Entries Notes Template
00:04

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
22:21

Pull together many of the steps in the accounting cycle with this Big Problem.
Big Problem wrapping up with Closing
31:03

Closing Journal Entries Practice Workbook
00:05

Closing Journal Entries Quiz

Closing Journal Entries Quiz
3 questions
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Buying and Selling Inventory
6 Lectures 01:14:42
Buying and Selling Inventory Notes Template
00:05

In this segment we introduce merchandising companies - companies who buy and sell inventory.
Introduction to accounting for Merchandising companies
25:38

In this segment we see the specific types of transactions and related journal entries that a typical buyer of inventory will encounter.
Accounting for the Buyer of inventory
20:32

In this segment we see the specific types of transactions and related journal entreis that a typical seller of inventory will encounter.
Accounting for the Seller of inventory
20:15

A look at sales tax and inventory shrinkage to wrap up inventory issues and merchandising companies.
Final words about accounting for Merchandising companies
08:07

Buying and Selling Inventory Practice Workbook
00:05

Buying and Selling Inventory Quiz
Buying and Selling Inventory Quiz
3 questions
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Inventory Costing
7 Lectures 56:50
Inventory Costing Notes Template
00:04

There are three primary methods of inventory costing.  A brief introduction to FIFO, LIFO, and Average Costing.
Introduction to Inventory costing
06:45

A detailed look at First In, First Out (FIFO).
First-in First-out (FIFO)
14:25

A detailed look at Last In, First Out (LIFO).
Last-in First-out (LIFO)
10:49

A detailed look at Weighted Average Costing.
Weighted Average costing
14:00

Compare and contrast the three methods of inventory costing.
Wrap-up to costing methods
10:42

Inventory Costing Practice Workbook
00:05

Inventory Costing Quiz

Inventory Costing Quiz
3 questions
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Internal Controls and Cash
4 Lectures 28:25
Internal Controls and Cash Notes Template
00:05

A brief discussion about internal controls.  You could take an entire course on internal controls, so we just barely scratch the surface here.
Internal Controls
05:07

One of the most important internal controls for cash - the Bank Reconciliation.
Bank reconciliations
23:08

Internal Controls and Cash Practice Workbook
00:05

Internal Controls and Cash Quiz

Internal Controls and Cash Quiz
3 questions
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Receivables
7 Lectures 01:19:33
Receivables Notes Template
00:04

Introducing the concept of bad debts.
Introduction to Receivables
18:25

The allowance for bad debts - specifically looking at the Sales Method.
The Sales Method for calculating the Allowance for Bad Debts
12:43

The allowance for bad debts - specifically looking at the Receivables Method
The Receivables Method for calculating the Allowance for Bad Debts
08:03

Some final thoughts about bad debts and an exercise to wrap up with.
Receivables wrap-up
25:20

One more look at the receivables method and the sales method.

Receivables Supplement
14:53

Receivables Practice Workbook
00:05

Receivables Quiz
Receivables Quiz
5 questions
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Property, Plant, and Equipment
5 Lectures 37:04
Property, Plant, and Equipment Notes Template
00:05

Property, Plant, and Equipment, also known as Fixed Assets.  Introduced.
Introduction to accounting for Property, Plant, and Equipment
12:58

Calculating depreciation using the three primary methods found in the real world: straight-line, units of activity, declining balance.
Depreciation examples
16:14

How to account for the disposal of property, plant, and equipment.
Disposal of Property, Plant, and Equipment
07:42

Property, Plant, and Equipment Practice Workbook
00:05

Property, Plant, and Equipment Quiz
Property, Plant, and Equipment Quiz
3 questions
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Statement of Cash Flows
4 Lectures 43:57
Statement of Cash Flows Notes Template
00:05

Introduction to Statement of Cash Flows
13:58

How to setup a worksheet that will aid in the creation of a Statement of Cash Flows.
Statement of Cash Flows example
29:49

Statement of Cash Flows Practice Workbook
00:05

Statement of Cash Flows Quiz

Statement of Cash Flows Quiz
3 questions
About the Instructor
Erik Slayter
4.1 Average rating
268 Reviews
1,798 Students
1 Course
Accounting Professor

Erik Slayter
Certified Public Accountant

Erik is currently an Accounting Professor at California Polytechnic State University in San Luis Obispo.  Formerly, Mr. Slayter served as Division Controller for the San Luis Obispo County division of Waste Connections, Inc. (NYSE: WCN).  Prior to Mr. Slayter’s work for Waste Connections, he was Controller and MIS Director for Waller Genetics, a leading horticultural research company based in Santa Barbara County, California.  Mr. Slayter’s M.B.A. and degree in Accounting were both earned from California Polytechnic State University in San Luis Obispo.  Mr. Slayter holds an active Certified Public Accountant license from the State of California.  Mr. Slayter serves as founder and President of CCSoccer Corp., a non-profit recreational, adult soccer league.

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