Introductory Financial Accounting

Learn the basics of Accounting including: the accounting cycle, inventory, depreciation, receivables, and more!
20 reviews
TAUGHT BY
  • Erik Slayter 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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WHAT'S INSIDE
  • Lifetime access to 54 lectures and 11 quizzes
  • 9+ hours of high quality content
  • Closed captioning enabled
  • A community of 1000+ students learning together!
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Introductory Financial Accounting

Learn the basics of Accounting including: the accounting cycle, inventory, depreciation, receivables, and more!
20 reviews

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COURSE 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.

    • Be ready to learn
    • Over 54 lectures and 10 hours of content!
    • Understand the basics of Financial Accounting
    • Practice using the included workbook
    • Anybody who is interested in learning about accounting
    • University students

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CURRICULUM

  • SECTION 1:
    The Accounting Equation
  • 1
    The Accounting Equation Notes Template
    Text
  • 2
    Introduction to Introductory Financial Accounting
    24:25
    This segment covers some of the most basic concepts of Financial Accounting.  Lots of terms and definitions to get the ball rolling.
  • 3
    Accounting Equation exercise
    17:48
    Assets = Liabilities + Equity.  This is an accountant's version of E=MC^2.  Always true and always there as a guiding light.
  • 4
    Financial Statements
    07:43
    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.
  • 5
    Financial Statements exercise
    13:05
    This segment gives you an opportunity to practice putting together a set of financial statements.
  • 6
    The Accounting Equation Practice Workbook
    Text
  • 7
    The Accounting Equation Quiz
    3 questions
  • SECTION 2:
    Journal Entries, Ledgers, and Trial Balances
  • 8
    Journal Entries, Ledgers, and Trial Balances Notes Template
    Text
  • 9
    The Framework of Accounting
    16:21
    This segment could very well be the key to the entire course.  Be sure to understand what's going on here before continuing on.
  • 10
    T-Accounts
    14:04
    Practice using T-Accounts as part of the transaction analysis process.
  • 11
    The Ledger
    26:06
    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.
  • 12
    The Trial Balance
    19:37
    The next step in the accounting cycle is to create the trial balance from your account balances in the ledger.  Be sure debits = credits.
  • 13
    Journal Entries, Ledgers, and Trial Balances Practice Workbook
    Text
  • 14
    Journal Entries, Ledgers, and Trial Balances Quiz1
    3 questions
  • 15
    Journal Entries, Ledgers, and Trial Balances Quiz2
    3 questions
  • SECTION 3:
    Adjusting Journal Entries
  • 16
    Adjusting Journal Entries Notes Template
    Text
  • 17
    Introduction to Adjusting Journal Entries
    16:20
    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.
  • 18
    Adjusting Journal Entry exercise
    45:32
    Practice practice practice!  Put to use the AJE concepts from the prior segment.
  • 19
    Adjusted Trial Balance
    20:48
    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.
  • 20
    Adjusting Journal Entries Practice Workbook
    Text
  • 21
    Adjusting Journal Entries Quiz
    3 questions
  • SECTION 4:
    Closing Journal Entries
  • 22
    Closing Journal Entries Notes Template
    Text
  • 23
    Introduction to the Closing Process
    22:21
    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.
  • 24
    Big Problem wrapping up with Closing
    31:03
    Pull together many of the steps in the accounting cycle with this Big Problem.
  • 25
    Closing Journal Entries Practice Workbook
    Text
  • 26
    Closing Journal Entries Quiz
    3 questions
  • SECTION 5:
    Buying and Selling Inventory
  • 27
    Buying and Selling Inventory Notes Template
    Text
  • 28
    Introduction to accounting for Merchandising companies
    25:38
    In this segment we introduce merchandising companies - companies who buy and sell inventory.
  • 29
    Accounting for the Buyer of inventory
    20:32
    In this segment we see the specific types of transactions and related journal entries that a typical buyer of inventory will encounter.
  • 30
    Accounting for the Seller of inventory
    20:15
    In this segment we see the specific types of transactions and related journal entreis that a typical seller of inventory will encounter.
  • 31
    Final words about accounting for Merchandising companies
    08:07
    A look at sales tax and inventory shrinkage to wrap up inventory issues and merchandising companies.
  • 32
    Buying and Selling Inventory Practice Workbook
    Text
  • 33
    Buying and Selling Inventory Quiz
    3 questions
  • SECTION 6:
    Inventory Costing
  • 34
    Inventory Costing Notes Template
    Text
  • 35
    Introduction to Inventory costing
    06:45
    There are three primary methods of inventory costing.  A brief introduction to FIFO, LIFO, and Average Costing.
  • 36
    First-in First-out (FIFO)
    14:25
    A detailed look at First In, First Out (FIFO).
  • 37
    Last-in First-out (LIFO)
    10:49
    A detailed look at Last In, First Out (LIFO).
  • 38
    Weighted Average costing
    14:00
    A detailed look at Weighted Average Costing.
  • 39
    Wrap-up to costing methods
    10:42
    Compare and contrast the three methods of inventory costing.
  • 40
    Inventory Costing Practice Workbook
    Text
  • 41
    Inventory Costing Quiz
    3 questions
  • SECTION 7:
    Internal Controls and Cash
  • 42
    Internal Controls and Cash Notes Template
    Text
  • 43
    Internal Controls
    05:07
    A brief discussion about internal controls.  You could take an entire course on internal controls, so we just barely scratch the surface here.
  • 44
    Bank reconciliations
    23:08
    One of the most important internal controls for cash - the Bank Reconciliation.
  • 45
    Internal Controls and Cash Practice Workbook
    Text
  • 46
    Internal Controls and Cash Quiz
    3 questions
  • SECTION 8:
    Receivables
  • 47
    Receivables Notes Template
    Text
  • 48
    Introduction to Receivables
    18:25
    Introducing the concept of bad debts.
  • 49
    The Sales Method for calculating the Allowance for Bad Debts
    12:43
    The allowance for bad debts - specifically looking at the Sales Method.
  • 50
    The Receivables Method for calculating the Allowance for Bad Debts
    08:03
    The allowance for bad debts - specifically looking at the Receivables Method
  • 51
    Receivables wrap-up
    25:20
    Some final thoughts about bad debts and an exercise to wrap up with.
  • 52
    Receivables Supplement
    14:53

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

  • 53
    Receivables Practice Workbook
    Text
  • 54
    Receivables Quiz
    3 questions
  • SECTION 9:
    Property, Plant, and Equipment
  • 55
    Property, Plant, and Equipment Notes Template
    Text
  • 56
    Introduction to accounting for Property, Plant, and Equipment
    12:58
    Property, Plant, and Equipment, also known as Fixed Assets.  Introduced.
  • 57
    Depreciation examples
    16:14
    Calculating depreciation using the three primary methods found in the real world: straight-line, units of activity, declining balance.
  • 58
    Disposal of Property, Plant, and Equipment
    07:42
    How to account for the disposal of property, plant, and equipment.
  • 59
    Property, Plant, and Equipment Practice Workbook
    Text
  • 60
    Property, Plant, and Equipment Quiz
    3 questions
  • SECTION 10:
    Statement of Cash Flows
  • 61
    Statement of Cash Flows Notes Template
    Text
  • 62
    Introduction to Statement of Cash Flows
    13:58
  • 63
    Statement of Cash Flows example
    29:49
    How to setup a worksheet that will aid in the creation of a Statement of Cash Flows.
  • 64
    Statement of Cash Flows Practice Workbook
    Text
  • 65
    Statement of Cash Flows Quiz
    3 questions

UDEMY BY THE NUMBERS

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Course Enrollments
5,700,000
Students

RATING

  • 17
  • 1
  • 1
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  • 1
AVERAGE RATING
NUMBER OF RATINGS
20

REVIEWS

  • Jay Tiwari
    Great Introductory Course

    The course is designed excellently. The practice workbooks will greatly help one. The discussion forum has an existing base of doubts and answers. I was really impressed by how quick the professor in responding to your doubts in the discussion forum. Would highly recommend the course if you are looking for an introduction to financial accounting

  • Michelle Reimer
    AGB 214

    Udemy is a great way to learn in this class. I felt like I was able to take my time and learn all the information presented. My only problem was communicating questions I had from quizzes and lecture. Overall this was a great class and if you put in the time and effort you will do well.

  • Sonny Manocha
    course is very good

    lots of examples and easy to understand. hopefully there will be more of these courses like this in the future

  • Graham Marchant
    Good

    This course deserves 5 stars because the videos clearly filled out our given notes sheet. They were easy to go back and watch again if you missed an important idea and they were all titled for even easier access.

  • Taig McNulty
    AGB 214

    The Class is well structured and the videos really help

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