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Accounting is the "language of business" and critical for anyone involved in the world of business to understand, including business and accounting students, small business owners and financial professionals. But accounting can be counter intuitive, difficult to comprehend and discouraging to study. My name is Tim Burns and to say that I struggled with accounting was an understatement. I had a very difficult time with basic accounting and even though I receive an MBA in accounting and passed the CPA exam, my poor foundation doomed me to fighting through the material by brute force instead of more easily following its logical progression. It was only after i began teaching accounting at a college level that the critical accounting fundamentals finally sunk in.
I realized that my own accounting students were struggling, but that effective visuals, instead of crowded slides of confusing columns and texts, significantly enhanced their ability to understand accounting fundamentals. I eventually developed a completely animated course featuring a unique character, the Accounting Whiz Kid. The Whiz Kid is that bright student who encourages his classmates to learn with a friendly, encouraging tone as well as effective visuals, which utilize real-world accounting examples and offers concise and useful illustrations. The fundamental accounting equation and introductory material are presented in an entertaining and easy to follow format that deftly uses "visual learning" techniques in addition to "verbal learning." Visual learners remember best what they "see," e.g. pictures and animations and "verbal learners" obtain more knowledge from words. Everyone learns more when the information is presented visually and verbally.
In this course you will learn:
Fundamental accounting equation: Assets = Liabilities + Owners Equity (so important to maser this concept which is the basis of the business organization)
Accounting debits and credits
Double entry method of bookkeeping
Revenue and expense items
Recording accounting ransactions
Preparing trial balance
Preparing Adjusting entries
Preparing financial statements
Statements of owner's equity
Cash Flow statements
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|Section 1: Basic Accounting Equation: Assets = Liabilities + Owner's Equity|
Understand debits and credits and double entry method of recording transactions
Use of T accounts to illustrate debits and credits
|Section 2: Revenue and Expense Items|
How to account for revenue and expense entries with debits and credits
|Section 3: The Recording Process and The Trial Balance|
Basic steps of the transaction recording process, determining the account items which are increased or decreased, translating those items into debits and credits and preparing journal entries.
Continuing with the recording process, preparing trial balances, adjusting entries for deferrals and accruals and preparing adjusted trial balance.
|Section 4: Preparing the Adjusted Trial Balance and Set of Financial Statements|
Continuing with adjusted trial balance, accrual vs. basic accounting, and adjusting entries.
Adding inventory expense, preparing balance sheet, income statement, statement of owner's equity and statement of cash flows.
Tim Burns is a part time accounting professor and practicing certified public accountant and tax attorney. He received his Bachelor of Arts in Economics, his Masters in Business Administration and a Juris Doctorate from Tulane University. Tim has served as an Adjunct Professor at Tulane University, Loyola University and the University of New Orleans. He has long been interested in innovative teaching methods and developed the Accounting Whiz Kid course, which utilizes animation and real world accounting examples to instruct students and for whicj he was recognized for teaching excellence.