Accounting & Bookkeeping 101 for Everyone
with CEU Certificate*
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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.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.
Universal Class, Inc. has been approved as an Accredited Provider by the International Association for Continuing Education and Training (IACET). In obtaining this approval, Universal Class, Inc. has demonstrated that it complies with the ANSI/IACET Standard which is widely recognized as the Standard of good practice internationally. As a result of their Accredited Provider status, Universal Class, Inc. is authorized to offer IACET CEUs for its courses that qualify under the ANSI/IACET Standard.
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- 6 Months to Complete
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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 solidify 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.
Additional Course Information
- Document Your Lifelong Learning Achievements
- Earn an Official Certificate Documenting Course Hours and CEUs
- Verify Your Certificate with a Unique Serial Number Online
Course Title: Accounting & Bookkeeping 101 for EveryoneCourse Number: 7550309Languages: English - United States, Canada and other English speaking countriesCourse Type: College LevelCEU 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 earnedAssessment Method: Lesson assignments and review examsInstructor: Dr. Metodija StojanovskiSyllabus: View SyllabusCourse Review: Read Editorial ReviewRequirements: View Technical RequirementsCourse Fee: $65.00 (no CEU Certification) || with CEU Certification: $90.00
- View and Share Your Certificate Online or Download/Print as PDF
- Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
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 1 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 Assets Assignment Assignment 10 Determining Net Income Assignment 10 Income Statement Assignment Assignment 10 Exam : Income Statement, Revenue, Expenses, Net Income Exam 70 Exam : Balance Sheet Exam 9 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 Total Points: 843
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- "I found the examples for the Accounting Equation, balance sheets, income statements to be very helpful....The course was excellent, a challenge at times, but an excellent tool to understanding basic accounting." -- Susan H.
- "The course was well planned and in language that was easy to understand." -- Doris G.
- "The most helpful was defining the debits and credits and properly applying them to the ledger. I was very confused on some of the aspects of bookkeeping and accounting and it was explained clearly in terms I could relate to....Fantastic! Very helpful in day to day, not just academically!!" -- Annie W.
- "I thought this course was very well organized. It flowed very well from one lesson to the next and assignments corresponded well with each lesson. I liked the fact that the instructor broke accounting into small sections and put them in easy to understand lessons....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 lessons were very well put togethor and explained the material enthusiastically and in a way someone new to the subject could understand." -- George M.
- "I loved this class!! I have no accounting background and I thought the content was right on target. I feel like I'm far more familiar with the basic principles of accounting than I was before. This is an excellent class if you're looking to familiarize yourself with bookkeeping/accounting. I highly recommend this course." -- Zonda H.
- "This was a refresher course and it helped me in my daily bookkeeping" -- Lisa G.
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