Accounting Fundamentals

An introduction to financial accounting

What you'll learn

Understand basic accounting concepts, ethics, business structures, accounting standards, the accounting equation, and financial statements.

Learn key accounting terms, debits and credits, and how to record and post transactions.

Understand trial balances, accrual vs. cash accounting, and how to recognize revenues, expenses, and adjustments.

Prepare financial statements from the adjusted trial balance, understand accounting worksheets, and the closing process.

Learn internal control principles, perform bank reconciliations, and manage cash controls and ethical considerations.

Identify and apply internal controls for receivables, including the allowance and direct write-off methods.

Understand accounting for notes receivable and how to present and analyze receivables on the balance sheet.

Learn about the cost, amortization, and depreciation of property, plant, and equipment.

Understand the disposal of assets and the accounting for natural resources, goodwill, and intangible assets.

Differentiate between current and long-term assets/liabilities, calculate financial ratios, and analyze sales and inventory

Analyze financial statements with horizontal and vertical analysis, and evaluate performance using financial ratios.

Apply the accounting principles and techniques learned throughout the course by completing an assignment.

Requirements

No prior experience is required to enroll in this course

Description

"Accounting Fundamentals" is a comprehensive course designed to introduce students to the core concepts and practices of accounting. Throughout the course, learners will gain the skills necessary to prepare basic income statements and balance sheets for sole proprietorships, understand and apply fundamental accounting principles, and recognize and record business transactions. The course also delves into key areas such as the importance of internal control, the role of accounts receivable, and the accounting for capital assets, providing students with a well-rounded foundation in financial accounting.In addition to theoretical learning, this course includes review questions and quizzes that reinforce the concepts taught, ensuring that students can apply their knowledge in real-world scenarios. By the end of the course, learners will have developed the ability to calculate standard financial ratios and evaluate financial health, making them well-prepared to enter more advanced accounting studies or begin applying their skills in professional settings. Whether you’re pursuing a career in accounting or simply seeking to understand the basics of financial management, this course provides the essential tools and knowledge needed for success.The course is organized into 12 lessons:LESSON 1:Understand basic accounting concepts, ethics, business structures, accounting standards, the accounting equation, and financial statements.LESSON 2:Learn key accounting terms, debits and credits, and how to record and post transactions.LESSON 3:Understand trial balances, accrual vs. cash accounting, and how to recognize revenues, expenses, and adjustments.LESSON 4:Prepare financial statements from the adjusted trial balance, understand accounting worksheets, and the closing process.LESSON 5:Learn internal control principles, perform bank reconciliations, and manage cash controls and ethical considerations.LESSON 6:Identify and apply internal controls for receivables, including the allowance and direct write-off methods.LESSON 7:Understand accounting for notes receivable and how to present and analyze receivables on the balance sheet.LESSON 8:Learn about the cost, amortization, and depreciation of property, plant, and equipment.LESSON 9:Understand the disposal of assets and the accounting for natural resources, goodwill, and intangible assets.LESSON 10:Differentiate between current and long-term assets/liabilities, calculate financial ratios, and analyze sales and inventory.LESSON 11:Analyze financial statements with horizontal and vertical analysis, and evaluate performance using financial ratios.LESSON 12:Apply accounting principles and techniques through an assignment.

Overview

Section 1: Introduction

Lecture 1 Introduction and Lesson 1

Lecture 2 Accounting Cycle - Part 1

Lecture 3 Accounting Cycle - Part 2

Lecture 4 Accounting Cycle - Part 3

Lecture 5 Internal Control

Lecture 6 Accounts Receivable - Part 1

Lecture 7 Accounts Receivable - Part 2

Lecture 8 Capital Assets - Part 1

Lecture 9 Capital Assets - Part 2

Lecture 10 Financial Statement Analysis - Part 1

Lecture 11 Financial Statement Analysis - Part 2

Lecture 12 Assignment

Lecture 13 Closing Remarks

This course is targeted at anyone who wants to gain a better understanding of financial information