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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.

Course Requirements

Your willingness to learn a new skill. We recommend a workbook to use to help practice mastery with all concepts covered, but it's not required.

Course Goals

To understand fundamental accounting concepts as well as to be able to read and extract meaningful information from financial statements. 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. Accounting is used in almost every aspect of our lives, it is a necessary skill.

Course Materials

There are two recommended workbook to use with this class, both are not required:

  • Accounting For Dummies
  • Accounting and Bookkeeping

Grading Policy

Standard A-F grading policy. No submitted assignment score is final though. Assignments are works in progress--learning a new skill is all about trial and error. We're here to help you make the most of this class.

Learning Outcomes

By successfully completing this course, students will be able to:
  • Identify why accounting is a necessary skill.
  • Know 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.
  • Know cash flow, identify fixed assets, and describe depreciation.
  • Demonstrate understanding of liquidity, solvency and profitability.
  • Know asset management and asset valuation.
  • Be apprised of key laws and procedures involved in payroll accounting.
  • Know what to expect in an audit.
  • Know ethical business practices in accounting, and
  • Demonstrate mastery of lesson content at levels of 70% or higher.

Assessment Guide

Assessment Points
Tell me about yourself1
Exam : History of Accounting8
Exam : Basic Accounting Principles65
Exam : Accounting/Bookkeeping Terms6
Exam : Assets, Liabilities and Owners' Equity9
Exam : Financial Reports8
Exam : Income Statement9
Assets Assignment10
Determining Net Income10
Income Statement Assignment10
Exam : Income Statement, Revenue, Expenses, Net Income70
Exam : Balance Sheet9
Exam : Credits, Debits, Balance Sheet, Double Entry Accounting95
Exam : Journals, Ledgers, Accounting Structure60
Exam : Bookkeeping 1018
Exam : Bookkeeping9
Exam : Accounting Cycle Exam25
Exam : The Accounting Period, Accounting Cycle9
Exam : Cost of Goods Sold30
Exam : Inventory Accounting7
Exam : Cash Flow40
Exam : Management Accounting8
Exam : Cash Flow Management9
Exam : Accounting Ratios: Liquidity, Solvency and Profitability8
Exam : Asset Management and Asset Valuation9
Exam : Payroll Accounting10
Exam : The Audit8
Exam : Ethical Business Practices in Accounting9
The Final Exam282
Total Points:841

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