Online Class: Accounting & Bookkeeping 101 for Everyone
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24Lessons
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29Exams &
Assignments -
36,755Students
have taken this course -
32Hours
average time -
3.2CEUs
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Video Audit
Available
Course Description
Unlocking the World of Accounting: An All-Inclusive Online Course
Welcome to a transformative journey into the intricate world of accounting and bookkeeping. In the modern business landscape, understanding accounting goes far beyond the simple act of balancing books. It's an art and science that informs how we view financial health, viability, and sustainability.
Course Overview:
This extensive online course, "Accounting and Bookkeeping 101", is meticulously crafted with the novice in mind. Whether you're a budding entrepreneur or a professional seeking to broaden your financial literacy, our course offers a comprehensive exploration into accounting, ensuring you grasp the essential foundations. Designed for those with little to no prior knowledge, our modules delve deep into fundamental principles, illustrated with rich examples to aid comprehension.
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Introduction to Accounting: Discover the indispensable nature of accounting and why it remains a pivotal skill in today's corporate landscape. For instance, did you know that according to recent statistics, over 80% of business failures attribute their collapse to poor financial management? Such insights emphasize why mastering accounting is crucial.
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The History of Accounting: Trace back to ancient civilizations like Mesopotamia and Egypt, unearthing the evolution of accounting. Learn how the needs of empires and the complexities of trade birthed the foundational principles we employ today.
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Fundamental Principles: From understanding terms like "revenue" and "net income" to dissecting the accounting equation, immerse yourself in the backbone of modern-day accounting. For instance, grasp how the accounting equation forms the basis for the double-entry system, a method used universally.
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Financial Reports & Their Insights: Dive into balance sheets, income statements, and cash flow statements. For example, did you know that Apple's 2020 balance sheet reported a total of $143.8 billion in net receivables?
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Bookkeeping Mastery: Unveil the nuances of proper record-keeping, the potential pitfalls, and the best practices that ensure financial transparency.
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Advanced Topics: Delve into intricate topics like inventory management methods (FIFO, LIFO), asset management, cash flow intricacies, and more. Understand the profound impact of seemingly minor decisions. For instance, FIFO and LIFO can significantly alter reported profit, influencing stock prices and tax liabilities.
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Specialized Accounting: From payroll accounting, which ensures timely and accurate employee payments, to the rigorous world of audits that validate financial accuracy, delve into specialized realms that cater to specific business needs.
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Ethical Considerations: In an era where corporate scandals can cripple giants like Enron, understand the profound importance of ethical accounting practices and the role they play in ensuring long-term business viability.
By Course End:
Upon completing this course, you'll wield the knowledge and confidence to navigate the complex corridors of financial statements, ensuring you're never left in the dark. You'll understand the logic behind crucial business decisions, be it in managing cash flows, assessing profits, or even evaluating a company's long-term solvency.
Moreover, you'll be equipped with an invaluable skillset that enhances your professional trajectory, irrespective of your field. As stated by a recent Forbes article, "In today's data-driven age, understanding financial metrics is a non-negotiable skill, irrespective of one's role."
So, embark on this enlightening journey with us. Decipher the language of business, and unlock a world of opportunities. Enroll now and elevate your professional prowess!
Who is the target audience for this course?
Is accounting hard to learn if you're not good at math?
What exactly does this accounting course include?
Is there an instructor available if I have a question or don't understand something?
Does UniversalClass offer more advanced accounting courses after this one?
What kind of certificate do I get if I complete this course?
Course Motivation
Empowering Your Financial Future: A Journey Through Accounting
In today's rapidly evolving world, understanding the fundamentals of accounting is more than just a skill—it's a catalyst for personal and professional success. From managing household budgets to navigating the complex financial landscapes of businesses, the ability to comprehend and apply accounting principles is invaluable.
Consider financial reports, balance sheets, and bank statements. These are not just documents but tools that, when mastered, unlock a world of financial clarity and control. For many, the intricate details of accounting may seem daunting, akin to learning a new language. But just as learning a foreign language can open doors to new cultures and opportunities, mastering the language of business – accounting – can transform your approach to money management.
For large corporations and affluent individuals, delegating these tasks to CPAs and bookkeepers is commonplace. But what about the rest of us? For the average person, acquiring a fundamental understanding of accounting is not just beneficial; it's crucial for gaining a competitive edge in life's financial game.
This course, "Financial Empowerment through Accounting," is designed to provide a comprehensive foundation in accounting, bookkeeping, and finance for those not necessarily pursuing a career in these fields. It's akin to a fitness program for your finances - self-paced yet challenging enough to ensure real learning rather than just a superficial overview.
Spread over 24 detailed lesson plans, this course aims to accomplish several key objectives:
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Fundamental Understanding of Accounting Concepts: Like the roots of a tree, these concepts form the base of your financial knowledge, supporting and nourishing your growth in understanding complex financial scenarios.
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Interpreting Financial Statements: Imagine being able to decipher a story from a series of numbers on a page. That's what financial statements offer – narratives about the health and prospects of a business, including your own.
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Enhancing Personal and Business Finances: This is where the theoretical meets the practical. Applying these concepts can lead to more informed personal financial decisions and strategies to bolster your business’s bottom line.
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Pathway to Profitable Entrepreneurship: Think of this course as a launchpad. It's not just about balancing books but about equipping you with the acumen to turn ideas into profitable ventures.
Moreover, understanding accounting places you firmly in the driver's seat of your financial journey. It's about taking the wheel, rather than being a passenger in your financial life. No more guessing where your money is going, no more unnecessary overdraft fees, and no more being at the mercy of financial uncertainties.
In our fast-paced, global economy, where time is a non-renewable resource, this knowledge is priceless. Enrolling in this course takes but a moment, yet the rewards extend far into your future.
Imagine this: You're no longer perplexed by complex financial jargon. Instead, you're making informed decisions, saving money, and spotting opportunities where others might see obstacles. Your newfound knowledge not only improves your personal financial health but also enhances your business’s profitability, paving the way for successful entrepreneurship.
This course isn't just an educational journey; it's a transformative experience that equips you with the tools to navigate the financial aspects of your life with confidence and expertise. It's an investment in yourself that pays dividends in the form of financial literacy and independence.
So, if you're ready to stop watching your hard-earned money slip through your fingers, if you're determined to take control of your financial narrative, and if you're eager to lay a foundation for lasting success, this course is your stepping stone. Enroll now and embark on a journey to financial empowerment that will last a lifetime.
Course Lessons
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.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.The Fundamentals of Accounting
Basic terms, Assets, Liabilities, Owners' Equity, Accounting Equation, Business Types, Bookkeeping, Auditing, GAAPAssets, Liabilities, and Owners' Equity
In this lesson, we will cover assets, liabilities, and owners' equity.Financial Reports
This lesson covers basic information regarding financial reports.The Income Statement
This lesson explains what income statements are and determination of expenses vs revenue.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 AccountingWorksheet Problems: Income Statement, Revenue, Expenses, Net Income
This lesson contains workbook problems to solidify your understanding of revenue, expenses, and net income.The Balance Sheet
This lesson includes the definition of a balance sheet and the pros and cons of off-balance sheets.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;Worksheet Problems for Accounting Equation, Debits, and Credits
Real world examples of debits and credits and how to balance the accounting equation.The Accounting Structure: A Closer Look
Recording Transactions; Source Documents; General Journal; General Ledger; Trial BalanceBookkeeping 101
This lesson describes the differences between bookkeeping and accounting and the responsibilities, liabilities, and certification available in becoming a bookkeeper.Bookkeeping: Dos and Don'ts
This lesson details how to effectively record data and the mistakes to avoid.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.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.Cash Flow, Fixed Assets, Depreciation
Understanding positive and negative cash flow.Management Accounting
This lesson focuses on how financial reporting can be used to achieve sales goals and productivity.Cash Flow Management
This lesson addresses available working capital, cash flow analysis, and a well-balanced cash flow.Accounting Ratios: Liquidity, Solvency, and Profitability
This lesson discusses accounting ratios and profitability to financially analyze a firm.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.Payroll Accounting
This lesson describes how to keep accurate payroll records, avoid mistakes, taxes due, and employee files.The Audit
This lesson discusses the various kinds of audits, what to expected if audited, and the records needed.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.
Learning Outcomes
- 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
- 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
Student Testimonials
- "It was very helpful. I am in a new career and will soon experience all these concepts first hand. I will definitely use the material and will revisit chapters when necessary." -- John P.
- "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.
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