Online Class: Accounting & Bookkeeping 101 for Everyone

This online accounting and bookkeeping course covers the fundamentals of accounting with the newcomer in mind and includes an accredited CEU Certificate at successful class completion.

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  • 24
    Lessons
  • 29
    Exams &
    Assignments
  • 30,884
    Students
    have taken this course
  • 32
    Hours
    average time
  • 3.2
    CEUs
 
 

Course Description

Our online Accounting and Bookkeeping 101 course covers all the fundamentals of accounting with the newcomer in mind. Accounting is more than just memorizing terms and procedures; it's a whole new way of thinking about finances. This course assumes students have no prior knowledge about accounting or finance, and delivers lessons and examples to build accounting skills. Specifically, this class addresses accounting terminology, revenue, expenses, net income, the accounting equation, debits, credits, and balancing the accounting formula, the accounting structure, the accounting cycle, journals, ledgers, the trial balance and more. It also guides students to learn how to read financial statements properly, and how to grab meaningful information from the balance sheet, income statements and cash flow statements.
 
After completing this course, you will have a solid understanding of accounting in today's world. By applying the concepts learned in this course, you will understand the processes behind Accounts Payable and Accounts Receivable, you will understand how and why financial transactions are documented, you will know what cash flow is and how to improve it, you will know what profit is, how it's interpreted, and what influences its growth. Moreover, you will know where the money in the company you work for, or own, goes. Learn accounting now and achieve a skill that is an invaluable (if not required) asset to your professional development.
 

Why is accounting important to understand?

Accounting is the most important part of any successful business. It records all profits, losses, credits, and debits. It tells you the state of the business in numbers, not words. It provides the most vital information you need to understand how your business grows, makes money, where the profit of a business goes, and what your cash flow is. In short, if you do not understand the basic principles of accounting, you cannot run a business, nor can you even hope to help a business grow and profit.  

If you work for a company and are currently managing any aspect of the company, or if you aspire to move up to management, then you need to understand what accounting is. Moreover, if you are an entrepreneur, or you ever plan to start your own business, you need to understand, at the very least, the basic principles of accounting.

This course is going to help you understand the basic principles of accounting so that you can read and understand the three main financial reports of a company: the balance sheet, the income statement, and the cash flow statement. Moreover, you'll know and understand the basic accounting equation and how to factor in debits, credits, inventory, and taxes, which will help you to make the right decisions to increase your company's wealth and profit.

In this course, we take everything in baby-steps. We assume you know nothing about accounting or any accounting terms. We strive to explain all accounting concepts in every day language, using real-life examples wherever possible. Additionally, we've set up the course so that you need to master all concepts in any given lesson before you can successfully complete the lesson and move on. As such, this course is built incrementally. You need to understand each previous lesson fully in order to understand the concepts covered in later lessons.

Learning accounting is like any new skill. There is a learning curve, and the skill needs to be practiced (or used in this case) in order for it to be effective. If you have access to your company's financial statements, please take the time to apply our examples to your company's financials. If you are an entrepreneur, a business owner, or plan to start your own business, copy our examples used in this course, using your own business relevant assets.

Those of us who are born as right-brain thinkers tend to be better at creative, imaginative, passionate activities. Then there are those of use who are left-brain thinkers--naturally adept at working with numbers, applying logical reasoning, and analytically solving problems.

Regardless of which category you fall into, the truth is that anyone can learn the basic principles of accounting and develop a knack for managing the financial aspects of a business. The upside of learning basic accounting principles is that, regardless of whether it is a large Fortune 500 company or a small entrepreneurial start-up, the same fundamental rules apply when working with the bottom line.

Understanding the basics of accounting can make the difference between success and failure in so many different areas of life.
 
Financial reports, balance sheets, reconciling bank statements – and the ability to create, interpret and implement them – are all tools we can't afford to ignore.
 
Large companies and wealthy individuals can afford to hire CPAs and bookkeepers to take care of the details for them. The rest of us, however, have to learn to master the essentials of accounting in order to get ahead in the game.
 
We might as well face it, accounting is the language of business. If we can't speak it, read it or understand it, should it come as any surprise that we aren't able to get ahead in the game?
 
Fortunately, there's no reason that you or your business should have to fall behind any longer. Enrollment is always open, so act now to start getting ahead. If you're in search of a course that will lay the basic groundwork of accounting, bookkeeping and finance for those of us NOT pursing a specialized career in any of these fields, this is it. It's self-paced, but the course work and assignments are intensive enough to prevent you from just "winging it".
 
The overall course is broken down into 24 lesson plans, all of which work together to achieve several very important goals and objectives.
 
  • You'll gain a fundamental understanding of accounting concepts.
  • You'll be able to both read and extract useful, practical information contained in financial statements and documents.
But, that's really just the tip of the iceberg. These goals and objectives further translate into some pretty impressive perks. For instance:
  • The knowledge you'll acquire will allow you to improve your personal financial situation.
  • It'll improve your business' or company's bottom line.
  • PLUS it helps pave the way to becoming not just a successful but a profitable entrepreneur.
And, more than that, you'll have gained a solid understanding of the role of accounting in today's economy and business world. Ignorance isn't an option – not if you're as determined to succeed as we think you are.
 
If you're tired of watching your money trickle away without any clear knowledge of where it's going; if you're through bouncing checks and wasting money on late fees; if you refuse to let your money take over your life, using you as a puppet – then what are you waiting for?
 
In our fast-paced global economy, time is money. But unlike money, when time's gone, it's gone. There's no getting it back.
 
Take back the control of your finances – personal and professional. Enrollment will take only a minute but the reward will last a lifetime. Knowing accounting will help you improve your own finances, improve your company's bottom line, and help start you on your way to becoming a profitable entrepreneur.
  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video  
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider
 

Course Lessons

Average Lesson Rating:
4.2 / 5 Stars (Average Rating)
"Extraordinarily Helpful"
(28,932 votes)

Introduction to Accounting: Why accounting is a necessary skill

Accounting is the "language of business." Great managers of any organization must know accounting fundamentals and have a solid understanding of how to read financial statements. Additional lesson topics: Business and Accounting; The Baby Steps to Learn Accounting; The Ultimate Guide to Accounting for Beginners 1 Total Points
  • Lesson 1 Video
  • Lesson discussions: Reasons for Taking this Course
  • Complete Assignment: Tell me about yourself

The History of Accounting

Throughout history, accountants have made sizable contributions to the development of cities, trade, and industry, not to mention the formulation of the practice by which numbers came to represent wealth. Additional lesson topics: Accounting History 8 Total Points
  • Lesson 2 Video
  • Assessment: Exam : History of Accounting

The Fundamentals of Accounting

Basic terms, Assets, Liabilities, Owners' Equity, Accounting Equation, Business Types, Bookkeeping, Auditing, GAAP 71 Total Points
  • Lesson 3 Video
  • Assessment: Exam : Basic Accounting Principles
  • Assessment: Exam : Accounting/Bookkeeping Terms

Assets, Liabilities, and Owners' Equity

In this lesson, we will cover assets, liabilities, and owners' equity. 9 Total Points
  • Lesson 4 Video
  • Assessment: Exam : Assets, Liabilities and Owners' Equity

Financial Reports

This lesson covers basic information regarding financial reports. Additional lesson topics: Accounting and Finance 8 Total Points
  • Lesson 5 Video
  • Assessment: Exam : Financial Reports

The Income Statement

This lesson explains what income statements are and determination of expenses vs revenue. Additional lesson topics: How to Prepare an Income Statement 9 Total Points
  • Lesson 6 Video
  • Assessment: Exam : Income Statement

The Income Statement: Understanding Revenue, Expenses, Income, and Retained Earnings

Purpose of the Income Statement; How to read the Income Statement; What are Retained Earnings, Revenue, Expenses, Net Income, Income Tax, Cash Accounting, Accrual Accounting Additional lesson topics: Deciding between Cash-Basis and Accrual Accounting 20 Total Points
  • Lesson 7 Video
  • Complete: Assets Assignment
  • Complete Assignment: Determining Net Income

Worksheet Problems: Income Statement, Revenue, Expenses, Net Income

This lesson contains workbook problems to solidify your understanding of revenue, expenses, and net income. Additional lesson topics: Income Statement Template 80 Total Points
  • Lesson 8 Video
  • Complete: Income Statement Assignment
  • Assessment: Exam : Income Statement, Revenue, Expenses, Net Income

The Balance Sheet

This lesson includes the definition of a balance sheet and the pros and cons of off-balance sheets. 9 Total Points
  • Lesson 9 Video
  • Assessment: Exam : Balance Sheet

Worksheet Problems: The Balance Sheet

How to balance the fundamental accounting equation; Debits and Credits; "T" Accounting; Double Entry Accounting; Diagrams and Charts; Real World Example; Additional lesson topics: Balance Sheet; Double-Entry Accounting 0 Total Points
  • Lesson 10 Video

Worksheet Problems for Accounting Equation, Debits, and Credits

Real world examples of debits and credits and how to balance the accounting equation. 95 Total Points
  • Lesson 11 Video
  • Assessment: Exam : Credits, Debits, Balance Sheet, Double Entry Accounting

The Accounting Structure: A Closer Look

Recording Transactions; Source Documents; General Journal; General Ledger; Trial Balance Additional lesson topics: Accounting Journals and Ledgers; Recording Transactions 60 Total Points
  • Lesson 12 Video
  • Assessment: Exam : Journals, Ledgers, Accounting Structure

Bookkeeping 101

This lesson describes the differences between bookkeeping and accounting and the responsibilities, liabilities, and certification available in becoming a bookkeeper. Additional lesson topics: Contingent Liability 8 Total Points
  • Lesson 13 Video
  • Assessment: Exam : Bookkeeping 101

Bookkeeping: Dos and Don'ts

This lesson details how to effectively record data and the mistakes to avoid. 9 Total Points
  • Lesson 14 Video
  • Assessment: Exam : Bookkeeping

The Accounting Cycle

Learn all the elements of the accounting cycle, from what occurs at the beginning of the accounting period to the generation of financial reports and an independent audit at the end of the accounting period. Additional lesson topics: The Accounting Cycle for a Small Business; The Accounting Process 34 Total Points
  • Lesson 15 Video
  • Assessment: Exam : Accounting Cycle Exam
  • Assessment: Exam : The Accounting Period, Accounting Cycle

Inventory, FIFO, LIFO, Cost of Goods Sold

In this lesson we'll learn about Inventory, First-In, First-Out, Last-In, First-Out, Cost of Goods Sold, and average cost of goods sold. Additional lesson topics: Perpetual vs. Periodic Inventory System; Inventory Accounting; FIFO LIFO Inventory Valuation Methods 37 Total Points
  • Lesson 16 Video
  • Assessment: Exam : Cost of Goods Sold
  • Assessment: Exam : Inventory Accounting

Cash Flow, Fixed Assets, Depreciation

Understanding positive and negative cash flow. Additional lesson topics: Fixed Assets; Why Is Depreciation an Expense? 40 Total Points
  • Lesson 17 Video
  • Assessment: Exam : Cash Flow

Management Accounting

This lesson focuses on how financial reporting can be used to achieve sales goals and productivity. Additional lesson topics: The Evolution of Managerial Accounting Practices; Throughput Accounting 8 Total Points
  • Lesson 18 Video
  • Assessment: Exam : Management Accounting

Cash Flow Management

This lesson addresses available working capital, cash flow analysis, and a well-balanced cash flow. Additional lesson topics: Understanding Cash Flow Analysis 9 Total Points
  • Lesson 19 Video
  • Assessment: Exam : Cash Flow Management

Accounting Ratios: Liquidity, Solvency, and Profitability

This lesson discusses accounting ratios and profitability to financially analyze a firm. Additional lesson topics: Ratio Analysis; Types of Financial Ratios 8 Total Points
  • Lesson 20 Video
  • Assessment: Exam : Accounting Ratios: Liquidity, Solvency and Profitability

Asset Management and Asset Valuation

This lesson describes the accounting process of monitoring fixed assets and determining the current market value of a company's holdings. Additional lesson topics: Asset Valuation 9 Total Points
  • Lesson 21 Video
  • Assessment: Exam : Asset Management and Asset Valuation

Payroll Accounting

This lesson describes how to keep accurate payroll records, avoid mistakes, taxes due, and employee files. Additional lesson topics: Payroll Accounting and Examples; Prevent Payroll Errors 10 Total Points
  • Lesson 22 Video
  • Assessment: Exam : Payroll Accounting

The Audit

This lesson discusses the various kinds of audits, what to expected if audited, and the records needed. Additional lesson topics: How to Prepare for a Business Audit; Audit Preparation 8 Total Points
  • Lesson 23 Video
  • Assessment: Exam : The Audit

Ethical Business Practices in Accounting

This lesson addresses the mandatory and accurate disclosure of profit and losses to investors of public companies (corporations) and the penalties for misrepresentations. Additional lesson topics: Corporate Governance 291 Total Points
  • Lesson 24 Video
  • Lesson discussions: Final Course Poll - Your Opinion; Program Evaluation Follow-up Survey (End of Course); Course Comments
  • Assessment: Exam : Ethical Business Practices in Accounting
  • Assessment: The Final Exam
841
Total Course Points
 

Learning Outcomes

By successfully completing this course, students will be able to:
  • Identify why accounting is a necessary skill.
  • Summarize the history of accounting.
  • Identify and describe assets, liabilities and owners' equity.
  • Recognize and compare the major financial reports.
  • Describe and create a company's Income Statement.
  • Compare and contrast a company's revenue, expenses, income, and retained earnings.
  • Solve worksheet problems involving income statements, revenue, expenses, and net income.
  • Identify the key elements of a Balance Sheet.
  • Balance the accounting equation and properly chart debits and credits.
  • Describe the key elements of bookkeeping.
  • Avoid the pitfalls of bad bookkeeping habits.
  • Describe the accounting cycle.
  • Define key terms: inventory, FIFO, LIFO, Cost of Goods Sold.
  • Summarize cash flow, identify fixed assets, and describe depreciation.
  • Demonstrate understanding of liquidity, solvency and profitability.
  • Summarize asset management and asset valuation.
  • Be apprised of key laws and procedures involved in payroll accounting.
  • Know what to expect in an audit.
  • Summarize ethical business practices in accounting.
  • Demonstrate mastery of lesson content at levels of 70% or higher.
 

Additional Course Information

Online CEU Certificate
  • Document Your Lifelong Learning Achievements
  • Earn an Official Certificate Documenting Course Hours and CEUs
  • Verify Your Certificate with a Unique Serial Number Online
  • View and Share Your Certificate Online or Download/Print as PDF
  • Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
Document Your CEUs on Your Resume
 
Course Title: Accounting & Bookkeeping 101 for Everyone
Course Number: 7550309
Lessons Rating: 4.2 / 5 Stars (28,932 votes)
Languages: English - United States, Canada and other English speaking countries
Last Updated: April 2021
Course Type: Self-Paced, Online Class
CEU Value: 3.2 IACET CEUs (Continuing Education Units)
CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
Assessment Method: Lesson assignments and review exams
Syllabus: View Syllabus
Course Fee: $90.00 U.S. dollars

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Student Testimonials

  • "I enjoyed this course a lot, great learning tools and it helped me a lot. I really appreciated the experience and I liked the method of presentation. Thanks!" -- Kendall J.
  • "I liked this course very much. I found a lot of new and useful information for my life and work too. Also, I would like to thank my teacher Dr. Stojanovski for correcting and explanation of my mistakes. I thank you and your platform Universal Class and for this great opportunity to obtain a new skill. Wish you all the best!" -- Daisy M.
  • "My instructor was very collaborative and helpful. I am truly grateful for all that he did. He contributed greatly to my enthusiasm and success in this course." -- Anna N.
  • "This course was exactly what I needed and have already suggested it to my co-workers. I thought the instructor was very available and his format was organized and easy to follow. The assignments seemed always to directly reinforce the content of the lesson." -- Barb S.
  • "Instructor was very helpful and his feedback was really very fast. He gave me respond in about 24 hours or less. The most important - he not only correct me, but also explained some issues what first I understood incorrectly. He is really great." -- Ewa D.
  • "The professor was great with his communication, and must have repeatedly forgotten who I was since it took me so long to finish the course, but I was actually studying it every week. I have learned a huge amount in this time. I would recommend this instructor to anyone." -- John B.
  • "Thank you for this course, I learned a lot about it." -- Aracely H.
  • "The instructor kept in contact when I had questions and explained why the answers were incorrect." -- Robin M.
  • "I thought the instructor for this course was wonderful. She made everything easy to understand. You can always tell when you have stumbled across a great instructor when you take difficult course material and make it simple. Great instructors make learning enjoyable and I would definitely take another course from her!!" -- Kelly H.
  • "The course was excellent, a challenge at times, but an excellent tool to understanding basic accounting." -- Susan H.
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