the essential point of a double-entry system of accounting is that every transaction:
This course is an excellent supplement for students or anybody who wants to learn accounting and also have something they can refer back to in the future. Udemy generally provides lifetime access to the course. Many accounting students do not receive a physical book, they get to keep from their school, and even if they did, the information could become dated.
Students who want a useful reference tool they can keep, and one that can be more easily updated then a textbook, will benefit from a resource such as this. Financial accounting is a LARGE topic and is not something that can be done well in 5, 10, or 20, hours of content, as you may see claimed elsewhere. We will cover accounting theory because theory and concepts are what accounting is. We need to read article theory so we can make appropriate adjustments in the real world. Learning procedures without understanding the theory will make us inflexible and unable to adapt to the ever-changing environment. We will learn the theory while we apply them to procedures.
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Financial accounting is relatively standardized in format. In other words, most accounting institutions will cover much the same topics, often in much the same order. We suggest looking up a standard accounting textbook, checking the index, and comparing the topics to the courses you are considering purchasing. First, we will describe what financial accounting is and the objectives of financial accounting.
We will learn how the double-entry accounting system works by applying it to the accounting equation. In other words, we will use an accounting equation to record financial transactions using a double-entry accounting system.
We well learn all topics by fist having presentations and then applying the skills using Excel practice problems. If you are not familiar with how to navigate through Excel, it is OK. We will use preformatted worksheets, have step by step instructional videos, and will start off relatively slow.
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The next step is to apply the double-entry accounting system using debits and credits. Debits and credits are a new concept to most people not familiar with accounting, or possibly worse, many people have misconceptions about the meaning of debit and credit due to its use in areas like bank statements, credit cards, and debit cards. We will cover the rules related to debits and credits in a lot of detail. We will then record similar transactions we had done using the accounting equation, but now using debits and credits.
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After we get good at recording transactions using debits and credits, we will learn period end adjusting entries. Adjusting entries are used to adjust the books to represent an accrual basis at the period end better, and they are a great tool for enforcing the concepts of accrual accounting. Next, we will use the data we have learned to put together by recording financial transactions into financial statements, including the balance sheet, income statement, and statement of equity.]
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