Financial Accounting Part I - Passing the Class
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Financial Accounting Part I - Passing the Class

Master the Basics of Accounting to Pass The Class or Enhance Your Career (Textbook and Templates Included)
5.0 (4 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.
29 students enrolled
Created by Chris Severson
Last updated 4/2017
English
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Includes:
  • 3.5 hours on-demand video
  • 14 Articles
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Understand the history of accounting and why it is important
  • Understand the basic accounting process
  • Determine the normal balances of accounts (debits or credits)
  • Record a journal entry for basic transactions
  • Understand the difference between accrual and cash basis accounting
  • Record adjusting and closing journal entries at the end of the period
  • Post journal entries to T accounts or the general ledger.
  • Understand the basic format of the four required financial statements (Income Statement, Statement of Stockholder's Equity, Balance Sheet, and Cash Flow Statement)
  • Process inventory transactions and calculate the cost of goods sold and ending inventory
  • Prepare a bank reconciliation of cash
  • Determine accounts receivables and bad debt expense under multiple methods
  • Document the journal entries for capitalized assets, including purchase, depreciation, and sale of the assets
View Curriculum
Requirements
  • The only requirement for this course is a desire to learn more about accounting. No specific software or textbooks are required.
Description

Accounting often referred to as the “language of business.” Whether you are going into management or actually going to be an accountant, you need to be familiar with the basics of accounting. This includes understanding the concepts of debits and credits, assets and liabilities, revenues and expenses, dividends and equity. From an investor’s perspective, the business results are communicated through the financial statements, including the income statement, statement of owner’s equity, balance sheet and statement of cash flow. These are all discussed in this course!

This course is for those students who have not had much (or any) experience in accounting and are looking to enhance their understanding of it, to either help pass a course or to enhance your business career. It is for anyone who may have felt lost in prior accounting courses and wants real life examples and a down to earth explanation, rather than something read word for word out of a textbook. Is this you? Then you are in the right place!

This course is taught by an instructor with over eleven years of training experience, including corporate training, face to face instruction, and online course development. In addition to the lectures and study material common to many other courses, this course also has a downloadable textbook/study note file, along with downloadable Excel templates paired with a lecture walking through the solution once you are done. To test your knowledge of the basic concepts we also have quizzes after each section to make sure you feel comfortable with the topic before moving on to the next one.

At the end of this course, you will have a better understanding of the mechanics of accounting, the concepts, and the goals of accounting in general. You will be able to pass that class!! Let’s get started!

Who is the target audience?
  • This accounting course is for anyone who wants to learn more about accounting. This course starts at the ground level, with no assumption that you have any prior experience. If you are taking an accounting course and are having trouble understanding the topics this course is for you. If you are looking to enhance your career by understanding more about accounting, this course is for you. This course does not get into the more advanced accounting topics, though I do have other courses for this.
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Curriculum For This Course
Expand All 33 Lectures Collapse All 33 Lectures 04:06:27
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Welcome To Financial Accounting Part 1!
1 Lecture 02:10

Welcome to Financial Accounting Part 1. My name is Chris Severson and I will be working with you through the course. Feel free to view this introductory video as we get started!

Preview 02:10
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History and Purpose of Financial Accounting
6 Lectures 55:52
  1. This video discusses the history of accounting, and why accounting is important for business. This includes a discussion of the various users of accounting and what information they will use.
Preview 12:32

These study notes will help to guide you through some of the main concepts of this section on the introduction to accounting.

Study Notes - Intro to Accounting
07:09

This video discusses the various concepts and principles that guide the information used in accounting.

Principles of Accounting
15:06

These study notes help to guide you through the various concepts and principles that guide the information used in accounting.

Study Notes - Accounting Principles Overview
02:01

Introduction to Financial Statements
10:51

These study notes begin the discussion of the four financial statements that are the core of financial accounting. 

Study Notes - Introduction to Financial Statements
08:12

This quiz will help you to ensure you have a grasp of the basic principles of accounting before moving on.

Quiz - Introduction to Accounting
5 questions
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Financial Accounting - Mechanics
8 Lectures 58:18

This video discusses the mechanics of accounting, including the creation of journal entries and posting them to the general ledgers. 

Source Documents, Journal Entries, and Posting
15:02

This is a practice exercise that students can download and work before viewing the lecture where we walk through the solution.

Accounting Equation Practice Exercise - Downloadable Spreadsheet
00:15

In this lecture, we review the practice exercise on the topic of the accounting equation and discuss the solution.  

Accounting Equation - Walk Through Of Practice Exercise
06:28

This video discusses the normal balance rules for accounts, an integral topic that is required to continue in our discussion of accounting.

Preview 18:49

These study notes guide students through the discussion of the mechanics of accounting, including the accounting equation, journal entries, posting, normal balances, etc. 

Study Notes-Mechanics of Accounting
04:07

This is a practice exercise on the topic of normal balances that students can download and work before viewing the lecture where we walk through the solution.

Normal Balances Practice Exercises - Downloadable Spreadsheet
00:17

In this lecture, we review the practice exercise on the topic of normal balances and discuss the solution.  

Normal Balances - Walk Through Of Practice Exercise
04:45

This quiz tests your understanding of the normal balance of accounts, a key requirement before we move on to other topics.

Quiz - Normal Balances of Accounts
3 questions

This video discusses the differences between the accrual and cash basis of accounting. 

Accrual vs Cash Basis of Accounting
08:34
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Adjusting and Closing Entries
5 Lectures 36:05

This video discusses the first set of adjusting entries, the accrual entries.

Accrual Adjusting Entries
08:59

This video discusses the second of adjusting entries, the deferral entries.

Preview 17:50

These study notes guide students through the discussion of the adjusting entries, including accruals and deferrals. 

Study Notes - Adjusting Entries
02:55

This video discusses the closing entries.

Closing Entries
05:36

These study notes guide students through the discussion of closing entries.

Study Notes - Closing Journal Entries
00:45

This quiz will help you to ensure you have a grasp of the adjusting entries before moving on.

Quiz - Adjusting and Closing Entries
3 questions
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Accounting Topics - Cash and Internal Controls
2 Lectures 14:24

This video discusses various concepts and issues related to cash, most notably the bank reconciliation.

Cash and Internal Controls
11:36

These study notes guide students through various concepts and issues related to cash, most notably the bank reconciliation.

Study Notes - Cash and Internal Control
02:48

Cash and Internal Controls
2 questions
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Accounting Topics: Inventory
3 Lectures 26:54

This video introduces the topic of inventory, specifically the perpetual and periodic inventory systems. 

Preview 08:07

This video discusses the inventory costing methods (FIFO, LIFO, and Weighted Average) and journal entries.

Inventory Costing Methods
16:26

Study Notes - Inventory
02:21

Inventory
2 questions
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Accounting Topics: Accounts Receivables and Bad Debts Expense
2 Lectures 14:43

This video discusses the concepts and issues related to accounts receivables and bad debts expense.

Preview 13:01

  1. These lecture notes discuss the various concepts and issues related to accounts receivables and bad debts expense.
Study Notes - Accounts Receivables
01:42

Accounts Receivables and Bad Debts Expense
2 questions
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Accounting Topics: Fixed Assets and Depreciation
6 Lectures 40:16

This video discusses the concepts and journal entries related to depreciation expense.

Depreciation - Concept and Journal Entries
10:07

This video discusses the various methods of depreciation expense and fixed assets. 

Depreciation Methods
12:27

Fixed Assets and Depreciation
3 questions

These lecture notes discuss the various concepts and issues related to fixed assets and depreciation.

Study Notes - Fixed Asset and Depreciation
04:19

This is a practice exercise on the topic of depreciation expense journal entries that students can download and work before viewing the lecture where we walk through the solution.

Depreciation Practice Exercise - Downloadable Spreadsheet
00:17

In this lecture, we review the practice exercise on the topic of depreciation expense calculations and journal entries and discuss the solution.  

Depreciation - Walk Through of Practice Exercise
12:53

This link will take you to the downloadable text book/study notes for the topics we have covered in the course. This is in PDF format and is for you to use in your studies.

Downloadable Textbook/Study Notes for the Entire Course
00:12
About the Instructor
Chris Severson
5.0 Average rating
4 Reviews
29 Students
2 Courses
Accounting Professor, Training Manager, and Course Developer

I have a Master of Professional Accountancy Degree (MPA) from the University of Nebraska-Lincoln. I have been teaching accounting part time, both face to face and online since 2008. I work as the manager of our Audit training area, managing the training plan and course development for 150 auditors nationwide. My work history includes reviewing, preparing, and presenting course material for the Becker Professional CPA Review.