with CEU Certificate*
Course Description"Accounting & Bookkeeping 101 for Everyone" is a course that covers 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.
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.
* Instantly download, print, and share your CEU Certificate at course completion (additional shipping/handling charges apply for hard copy delivery). UniversalClass™ offers many wonderful learning tools including an online portfolio service that manages all your course completions and CEUs.
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Introduction to Accounting: Why accounting is a necessary skillAccounting 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.
The History of AccountingThroughout 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.
The Fundamentals of AccountingBasic terms, Assets, Liabilities, Owners' Equity, Accounting Equation, Business Types, Bookkeeping, Auditing, GAAP
Assets, Liabilities, and Owners' EquityIn this lesson, we will cover assets, liabilities, and owners' equity.
Financial ReportsThis lesson covers basic information regarding financial reports.
The Income StatementThis lesson explains what income statements are and determination of expenses vs revenue.
The Income Statement: Understanding Revenue, Expenses, Income, and Retained EarningsPurpose of the Income Statement; How to read the Income Statement; What are Retained Earnings, Revenue, Expenses, Net Income, Income Tax, Cash Accounting, Accrual Accounting
Worksheet Problems: Income Statement, Revenue, Expenses, Net IncomeThis lesson contains workbook problems to solidfy your understanding of revenue, expenses, and net income.
The Balance SheetThis lesson includes the definition of a balance sheet and the pros and cons of off-balance sheets.
Worksheet Problems: The Balance SheetHow to balance the fundamental accounting equation; Debits and Credits; "T" Accounting; Double Entry Accounting; Diagrams and Charts; Real World Example;
Worksheet Problems for Accounting Equation, Debits, and CreditsReal world examples of debits and credits and how to balance the accounting equation.
The Accounting Structure: A Closer LookRecording Transactions; Source Documents; General Journal; General Ledger; Trial Balance
Bookkeeping 101This lesson describes the differences between bookkeeping and accounting and the responsibilities, liabilities, and certification available in becoming a bookkeeper.
Bookkeeping: Dos and Don'tsThis lesson details how to effectively record data and the mistakes to avoid.
The Accounting CycleLearn 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.
Inventory, FIFO, LIFO, Cost of Goods SoldIn 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.
Cash Flow, Fixed Assets, DepreciationUnderstanding positive and negative cash flow.
Management AccountingThis lesson focuses on how financial reporting can be used to achieve sales goals and productivity.
Cash Flow ManagementThis lesson addresses available working capital, cash flow analysis, and a well-balanced cash flow.
Accounting Ratios: Liquidity, Solvency, and ProfitabilityThis lesson discusses accounting ratios and profitability to financially analyze a firm.
Asset Management and Asset ValuationThis lesson describes the accounting process of monitoring fixed assets and determining the current market value of a company's holdings.
Payroll AccountingThis lesson describes how to keep accurate payroll records, avoid mistakes, taxes due, and employee files.
The AuditThis lesson discusses the various kinds of audits, what to expected if audited, and the records needed.
Ethical Business Practices in AccountingThis lesson addresses the mandatory and accurate disclosure of profit and losses to investors of public companies (corporations) and the penalties for misrepresentations.
- 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
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Learning OutcomesBy 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, and
- Demonstrate mastery of lesson content at levels of 70% or higher.
|Tell me about yourself||Assignment||10|
|Exam : History of Accounting||Exam||8|
|Exam : Basic Accounting Principles||Exam||65|
|Exam : Accounting/Bookkeeping Terms||Exam||6|
|Exam : Assets, Liabilities and Owners' Equity||Exam||9|
|Exam : Financial Reports||Exam||8|
|Exam : Income Statement||Exam||9|
|Determining Net Income||Assignment||10|
|Income Statement Assignment||Assignment||10|
|Exam : Income Statement, Revenue, Expenses, Net Income||Exam||70|
|Exam : Balance Sheet||Exam||10|
|Exam : Credits, Debits, Balance Sheet, Double Entry Accounting||Exam||95|
|Exam : Journals, Ledgers, Accounting Structure||Exam||60|
|Exam : Bookkeeping 101||Exam||8|
|Exam : Bookkeeping||Exam||9|
|Exam : Accounting Cycle Exam||Exam||25|
|Exam : The Accounting Period, Accounting Cycle||Exam||9|
|Exam : Cost of Goods Sold||Exam||30|
|Exam : Inventory Accounting||Exam||7|
|Exam : Cash Flow||Exam||40|
|Exam : Management Accounting||Exam||8|
|Exam : Cash Flow Management||Exam||9|
|Exam : Accounting Ratios: Liquidity, Solvency and Profitability||Exam||8|
|Exam : Asset Management and Asset Valuation||Exam||9|
|Exam : Payroll Accounting||Exam||10|
|Exam : The Audit||Exam||8|
|Exam : Ethical Business Practices in Accounting||Exam||9|
|The Final Exam||Exam||284|
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