AccountingFinancial Accounting Total-Beginners to Advanced (Udemy.com)
Including well over 100 hours of content, e-book (EPUB, MOBI, PDF) ,Excel worksheet, & PDF files, this is comprehensive
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Course Description
Recently updated with A LOT of added content.
Includes downloadable e-book in multiple formats so you can open it on your tablet or Kindle - Formats (EPUB, MOBI, PDF).
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 learn 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.
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. We believe this course will line up well to anybodys needs who want to learn financial accounting.
Below is a list of topics by section:
Section SEC 1 An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and CreditsSection SEC 2 Recording Period End Adjusting EntriesSection SEC 3 Recording Closing EntriesSection SEC 4 - Merchandising Transactions Transactions Involving InventorySection SEC 5 Inventory Cost Flow Assumptions (FIFO, LIFO, Weighted Average Methods)Section SEC 6 Subsidiary Ledgers & Special JournalsSection SEC 7 Bank Reconciliations & Cash Internal ControlsSection SEC 8 Accounts Receivable Allowance Method & Direct Write Off MethodsSection SEC 9 Depreciation Methods & Property Plant & EquipmentSection SEC 10 Payroll AccountingSection SEC 11 Partnership AccountingSection SEC 12 Accounting for CorporationsSection SEC 13 Bonds Payable, Notes Payable, & Long-Term LiabilitiesSection SEC 14 Statement of Cash FlowsThe course will start off at the basics and work all the way through the financial accounting topics generally covered in an undergraduate program.
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.
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.
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. We will learn to construct a statement of cash flows much later in the course.
After completing the financial statements, we will learn how to journalize and post-closing entries. Closing entries are used to clean out temporary accounts and prepare for the transactions that will be recorded in the next period.
The steps we have just outlined are critically important to all accounting, and we will need a reasonably good understanding of them to move forward. In other words, the better we understand these concepts, the more natural learning the rest of financial accounting will be. We recommend spending a good deal of time on these concepts and reviewing them often. Think of these skills as a baseball player thinks of playing catch or a musician thinks of playing the basic scales. We should put in some practice with the basics every day.
Next, we will add inventory to the mix. All the skills we have learned will still apply, but we will now record transactions related to the purchase and sale of inventory.
We will also learn to track inventory using different methods. We can use specific identification. In other words, we can track the exact unit of inventory that was sold as a car dealership would do. However, companies generally use a cost flow assumption with smaller items that are the same in nature, assumptions like First In Fist Out (FIFO) or Last In Last Out (LIFO). A company may also use a weighted average method.
Next well will consider subsidiary ledger and special journals. Our main focus is on subsidiary ledger related to accounts receivable and accounts payable. Accounts receivable represents money owed to the organization.
The general ledger will provide the transactions that make up the accounts receivable account balance by date. However, we will want to see this data reported by customers, so we know who owes the company money and how much, and this is the accounts receivable subsidiary ledger.
We have a similar situation with accounts payable. Accounts payable represent vendors the company owes money to. We will want to sort this information by vendors, so we know which vendors we owe money to and how much.
Next, we will cover bank reconciliation and internal controls related to cash. The bank reconciliation is one of the most important internal controls outside of the double-entry accounting system itself. All businesses, large and small, should perform a bank reconciliation. The bank reconciliation will reconcile the cash balance on the companys books to the cash balance reported by the bank as of a specific date, the date of the bank statement, typically the end of the month.
The bank statement balance will not agree to the book balance due to outstanding i
Includes downloadable e-book in multiple formats so you can open it on your tablet or Kindle - Formats (EPUB, MOBI, PDF).
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 learn 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.
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. We believe this course will line up well to anybodys needs who want to learn financial accounting.
Below is a list of topics by section:
Section SEC 1 An Introduction to Accounting, The Double Entry Accounting System, & Recording Transactions using Debits and CreditsSection SEC 2 Recording Period End Adjusting EntriesSection SEC 3 Recording Closing EntriesSection SEC 4 - Merchandising Transactions Transactions Involving InventorySection SEC 5 Inventory Cost Flow Assumptions (FIFO, LIFO, Weighted Average Methods)Section SEC 6 Subsidiary Ledgers & Special JournalsSection SEC 7 Bank Reconciliations & Cash Internal ControlsSection SEC 8 Accounts Receivable Allowance Method & Direct Write Off MethodsSection SEC 9 Depreciation Methods & Property Plant & EquipmentSection SEC 10 Payroll AccountingSection SEC 11 Partnership AccountingSection SEC 12 Accounting for CorporationsSection SEC 13 Bonds Payable, Notes Payable, & Long-Term LiabilitiesSection SEC 14 Statement of Cash FlowsThe course will start off at the basics and work all the way through the financial accounting topics generally covered in an undergraduate program.
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.
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.
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. We will learn to construct a statement of cash flows much later in the course.
After completing the financial statements, we will learn how to journalize and post-closing entries. Closing entries are used to clean out temporary accounts and prepare for the transactions that will be recorded in the next period.
The steps we have just outlined are critically important to all accounting, and we will need a reasonably good understanding of them to move forward. In other words, the better we understand these concepts, the more natural learning the rest of financial accounting will be. We recommend spending a good deal of time on these concepts and reviewing them often. Think of these skills as a baseball player thinks of playing catch or a musician thinks of playing the basic scales. We should put in some practice with the basics every day.
Next, we will add inventory to the mix. All the skills we have learned will still apply, but we will now record transactions related to the purchase and sale of inventory.
We will also learn to track inventory using different methods. We can use specific identification. In other words, we can track the exact unit of inventory that was sold as a car dealership would do. However, companies generally use a cost flow assumption with smaller items that are the same in nature, assumptions like First In Fist Out (FIFO) or Last In Last Out (LIFO). A company may also use a weighted average method.
Next well will consider subsidiary ledger and special journals. Our main focus is on subsidiary ledger related to accounts receivable and accounts payable. Accounts receivable represents money owed to the organization.
The general ledger will provide the transactions that make up the accounts receivable account balance by date. However, we will want to see this data reported by customers, so we know who owes the company money and how much, and this is the accounts receivable subsidiary ledger.
We have a similar situation with accounts payable. Accounts payable represent vendors the company owes money to. We will want to sort this information by vendors, so we know which vendors we owe money to and how much.
Next, we will cover bank reconciliation and internal controls related to cash. The bank reconciliation is one of the most important internal controls outside of the double-entry accounting system itself. All businesses, large and small, should perform a bank reconciliation. The bank reconciliation will reconcile the cash balance on the companys books to the cash balance reported by the bank as of a specific date, the date of the bank statement, typically the end of the month.
The bank statement balance will not agree to the book balance due to outstanding i
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