Financial Accounting Part I – Passing the Class

Master the Basics of Accounting to Pass The Class or Enhance Your Career (Textbook and Templates Included)

Created by: Chris Severson
Accounting Professor, Training Manager, and Course Developer

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

Requirements

• The only requirement for this course is a desire to learn more about accounting. No specific software or textbooks are required.

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.