Learn Financial Accounting Different

This teaches first year accounting students and business owners accounting basics with audio and three eBooks included.
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74 students enrolled
Instructed by John Gillingham Business / Finance
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  • Lectures 58
  • Length 6 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 5/2015 English

Course Description

15 Audio accounting lessons with three e-books included: Accounting Cheat Sheet, Learn Financial Accounting Different, & Learn Debits & Credits.

I took financial accounting three times as a history major and my grades were as follows: W, C, A. W stands for withdrawn, if you don't know. But after I received an A from an exceptionally clear instructor, everything became easy, so long as I dedicated enough time and studied to learn. I drew pictures, read financial statements of publically traded companies, sang songs, and listened to self-made recordings at bedtime. I could not afford any more mistakes after graduating in history during a financial crisis. Three years later I had worked in public accounting, passed all of my CPA exams on the first try, and nearly completed a masters in accounting with a 3.9 GPA – all paid for with credit cards. Now I work for myself and help students, life is good. With enough time and motivation there is nothing to stop you with this particular profession, class, or topic.

Accounting is not just for businesses, but for any financial entity. And the most important entity of them all is you! Everyone spends money of some tangible kind, or intangible – in the form of trades and favors. Most of us do not need to know how to form a complete set of financials using journal entries; however, everyone should have an idea of what an income statement and balance sheet is. It is also helpful to understand that the value of money is constantly changing, referred to as the time value of money. It is a must to know what the five accounts are: assets, liabilities, equity, revenue, and expense.

Please join me in the journey of learning accounting fast and different. Please contact me with any way that I may assist you along the way. Thanks.

What are the requirements?

  • This can be started with absolute beginners
  • Also a wonderful compliment to any financial accounting course

What am I going to get from this course?

  • Crush Your Accounting Exam
  • Small Business Entrepreneurship Tax & Accounting Understanding
  • Learn the Language of Money
  • Make & Keep More

What is the target audience?

  • First year accounting students
  • Small business owners who need to know more about accounting
  • Entrepreneurs

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: About Learning Accounting Different and Free Course eBook
06:03

Get your eBooks and Apps

Accounting Play Way Syllabus
Article
Course Book Download: Learn Financial Accounting Different
Article
Quiz Yourself Download - Almost 700 Questions from the App: Accounting Quiz Game
Article
Cheat Sheet Download
Preview
Article
Supplemental Resource Download - Learn Debits & Credits
Article
Section 2: About Accounting Play
About AccountingPlay.com
Preview
06:07
About
Article
About
01:14
Section 3: Why Learn Accounting
Why Learn Accounting
Preview
08:51
Section 4: Introduction, Accounts, Financial Statements, Debits & Credits
Introduction, Accounts, Financial Statements
Preview
07:15
Introduction, Accounts, Financial Statements
Article
Introduction, Accounts, Financial Statements
06:13
Section 5: Standards, Entities, Analysis
Standards, Entities, Analysis
05:32
Standards, Entities, Analysis
Article
Standards, Entities, Analysis
Preview
02:40
Section 6: Accounting Methods
Accounting Methods
10:05
Accounting Methods
Article
Accounting Methods
03:40
Section 7: Cash Basis Accounting
Cash Basis Accounting
10:05
Cash Basis Accounting
Article
Cash Basis Accounting
02:46
Section 8: The Accrual and Matching Principle
The Accrual and Matching Principle
10:14
Article

Accrual Basis Accounting and the Matching Principle

Accrual basis accounting is based upon Generally Accepted Accounting Principles (GAAP). This system is double entry and matches revenues and expenses during the proper period. For example, a company could have $50,000 in amounts billed to clients in December that it will not collect until January. Under the accrual basis of accounting, the company would record $50,000 of revenue because the amount was both earned and realizable. It was earned because services were performed to satisfaction, and realizable because the amounts were already billed to the client. The $50,000 is recorded in revenue and the asset account, accounts receivable (in this case, amounts owed to company for services). Since the revenue is recorded in December, the expenses for this same time period also match the revenue earned.

Accrual accounting takes into consideration liabilities that a company is increasing during the accounting period. For example, Shady Manufacturing does not pay $75,000 cash for employees, contractors, electricity, and supplies during the month of December. Under the accrual basis of accounting, Shady would record $75,000 of expense and $75,000 of liabilities in the form of accounts payable (money owed to suppliers) and accrued expenses (such as wages owed to employees). Accrual accounting matches the expenses to the proper time period (periodicity).

Accrual accounting is based on the principal that requires a company to match revenues to related expenses in the correct time period. Revenue must be recognized (recorded in the accounting record) when earned and realizable, meaning that services have been performed, goods have been shipped, and that payment is expected. Expenses must be recognized when incurred. The actual payment of cash is recorded, but will not affect revenue or expense accounts at that time.

  • Required accounting method under US-GAAP
  • Accrual accounting recognizes revenue when earned and realizable
  • Expenses are recognized when incurred
The Accrual and Matching Principle
03:08
Section 9: Business Types and Sole Proprietorship
Business types and the sole proprietorship
09:50
Business types and the sole proprietorship
Article
Business types and the sole proprietorship
09:18
Section 10: Partnerships and Flow-Through Businesses
Partnerships and flow-through businesses
20:44
Partnerships and flow-through businesses
Article
Partnerships and flow-through businesses
11:48
Section 11: Corporations
Corporations
10:48
Corporations
Article
Corporations
10:00
Section 12: Small Business StructureTips, USA
Communicating with Your Advisors, Legal Structure , Personal Liability
Article
Communicating with Your Advisors, Legal Structure , Personal Liability
08:19
Section 13: Small Business Tax Tips, USA
Small Business StructureTips, USA
16:27
Small Business Tax Tips, USA
Article
Small Business Tax Tips, USA
07:24
Section 14: Introduction to Financial Statements
Introduction to Financial Statements
10:58
Introduction to Financial Statements
05:06
Introduction to Financial Statements
Article
Section 15: Intro to Income Statement
Intro to Income Statement
10:20
Intro to Income Statement
Article
Intro to Income Statement
04:15
Section 16: Intro to Balance Sheet
Intro to Balance Sheet
07:25
Intro to Balance Sheet
Article
Intro to Balance Sheet
07:59
Section 17: Intro to Other Statements, Relationships, and Prep
Intro to Other Statements, Relationships, and Prep
09:13
Intro to Other Statements, Relationships, and Prep
07:30
Intro to Other Statements, Relationships, and Prep
Article
Section 18: Intro to Debits and Credits
Intro to Debits and Credits
10:23
Debits and Credits Increases and Decreases
10:26
Intro to Debits and Credits
Article
Intro to Debits and Credits
08:37
Section 19: Debits and Credits Entries
Debits and Credits Entries
10:22
Debits and Credits Entries
13:15
Debits and Credits Entries
Article

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Instructor Biography

John Gillingham, Certified Public Accountant

John Gillingham has his own CPA firm, makes creative learning tools, and consults. He designs Accounting Play products for financial accounting students and professionals.

Gillingham has ten years of financial services experience, seven of which have been with CPA firms specializing in tax, accounting, and general consultancy. Prior clients while working with other firms include audit of a multi-national manufacturing entity, high-high net worth tax for individuals, and trust work. The focus has turned to San Francisco startups and owners that need deep tax and practical consulting. High-net worth tax experience is utilized as individuals and companies grow.

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