Online Class: Accounting & Bookkeeping 101 for Everyone
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.
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.
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.
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.
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.
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?
Bookkeeping Mastery: Unveil the nuances of proper record-keeping, the potential pitfalls, and the best practices that ensure financial transparency.
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.
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.
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?
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.
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.
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.
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.
- 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
- "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.
- 5 hours 0.5 CEUs Recruitment and Retention Strategies + More Info
- 8 hours 0.8 CEUs Procurement Management + More Info
- 17 hours 1.7 CEUs Basic Math 101 + More Info
- 5 hours 0.5 CEUs Talent Management for Business + More Info
- 7 hours 0.7 CEUs Financial Analysis 101: Planning and Control + More Info
- 5 hours 0.5 CEUs Team Building 101 + More Info
- 8 hours 0.8 CEUs Community Development 101 + More Info
- 9 hours 0.9 CEUs English Grammar Level 2 + More Info
- 5 hours 0.5 CEUs Operations Management 101 + More Info
- 7 hours 0.7 CEUs Innovative Thinking + More Info
- 5 hours 0.5 CEUs Home Business + More Info
- 6 hours 0.6 CEUs Sustainable Development for Business + More Info
- 8 hours 0.8 CEUs Payroll Management 101 + More Info
- 7 hours 0.7 CEUs Microsoft Excel Level 3 + More Info
- 7 hours 0.7 CEUs Microsoft Visio Level 1 + More Info
- 8 hours 0.8 CEUs Microsoft Access Level 1 + More Info
- 3 hours 0.3 CEUs Business Credit 101 + More Info
- 6 hours 0.6 CEUs Google Docs + More Info
- 5 hours 0.5 CEUs Project Management 101 + More Info
- 5 hours 0.5 CEUs SalesForce 101 + More Info
- 4 hours 0.4 CEUs Purchasing and Vendor Management 101 + More Info
- 6 hours 0.6 CEUs Goal Setting for Business + More Info
- 5 hours 0.5 CEUs Critical Thinking + More Info
- 5 hours 0.5 CEUs Habits of Millionaires + More Info
- 15 hours 1.5 CEUs Customer Service 101 + More Info
- 4 hours 0.4 CEUs Business Budgeting 101: How to Plan, Save, and Manage + More Info
- 8 hours 0.8 CEUs Decision Making Skills + More Info
- 10 hours 1.0 CEUs Global Anti-Corruption and Bribery + More Info
- 7 hours 0.7 CEUs Lean Management + More Info
- 7 hours 0.7 CEUs Google Slides + More Info
- 5 hours 0.5 CEUs The Art of Setting Goals + More Info
- 6 hours 0.6 CEUs Business Branding 101 + More Info
- 8 hours 0.8 CEUs Strategic Planning + More Info
- 4 hours 0.4 CEUs Slack + More Info
- 6 hours 0.6 CEUs Delegation Skills + More Info
- 5 hours 0.5 CEUs Kaizen 101 - An Introduction + More Info